Categories: Finance

Binance cuts ties with Indian crypto exchange WazirX

Crypto exchange Binance announced that it no longer controls the funds of users of the Indian exchange WazirX and any other operations of the site, as well as its operator Zanmai Labs.

The company behind WazirX, Zanmai Labs, has already set a deadline for the withdrawal of assets held in the Binance wallets it uses for WazirX operations as February 3 at 23:59 UTC.

The move comes after a public debate between Binance and Zanmai regarding Binance’s involvement in the governance of WazirX. On January 26, Binance issued an ultimatum demanding that WazirX withdraw its application or face termination of its wallet service on Binance. However, no rebuttal was made by WazirX. In contrast, Indian trading platform founder and co-CEO Nischal Shetty continued to insist that Binance acquired the Indian cryptocurrency exchange two years ago.

As a result, the conflict of interest led to a complete break in relations. The conflict will have a significant impact on the operations of WazirX and its users. Withdrawing funds from Binance wallets and switching to another solution will take time and resources. In addition, the Indian exchange will have to find an alternative solution for storing assets and managing user funds.

Earlier, law enforcement agencies in India accused WazirX and its management of complicity in money laundering. By decision of the authorities, the funds of millions of users were frozen on the exchange during the investigation. It was then that Binance publicly began to distance itself from the Indian exchange and declare that it does not influence its management.

Source: Bits

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