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Binance to cease off-chain transfers for WazirX

Exchange

cryptoslate.com 09 August 2022 08:00, UTC
  
Reading time: ~2 m

Binance has announced plans to cease support for off-chain fund transfers between itself and WazirX, effective August 11.

Users on the WazirX platform will not be able to transfer funds to Binance using the “Login with Binance” option. Instead, they will have to use the standard withdrawal and deposit process to complete their transactions.

Binance is moving away from the ongoing investigation against Zanmai Labs Pvt Ltd, the parent company of WazirX.

The Growing Feud between Binance and WazirX

The relationship between Binance and WazirX has not remained the same ever since the ED commenced an investigation of WazirX for allegedly facilitating money laundering activities. As a result, $8 million belonging to the exchange was frozen.

The investigation of WazirX perhaps drew much media attention because it has been linked as a Binance-owned exchange after a supposed purchase in 2019. Binance CEO Changpeng Zhao recently denied claims that Binance owned the exchange.

Quick thread on Binance and WazirX, and some incorrect reporting.

Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.

1/4

— CZ 🔶 Binance (@cz_binance) August 5, 2022

He stated that the process to acquire Binance has not been completed since 2019. WazirX has wallet integrations with Binance to allow users to make off-chain transfers between the exchanges to help save network fees. CZ advised that WazirX users should transfer their funds to Binance as they could disable WazirX wallets anytime.

In the public feud, WazirX’s’ founder Nischal Shetty presented his arguments to insist that Binance acquired the exchange and owns it.

1/ FACTS about WazirX & Binance:

WazirX was acquired by Binance

Zanmai Labs is an India entity owned by me & my co-founders

Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX

Binance operates crypto to crypto pairs, processes crypto withdrawal…

— Nischal (Shardeum) ⚡️ (@NischalShetty) August 5, 2022

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