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In an apparent move to cut ties with Indian crypto exchanges, Binance has stopped offering wallet services to WazirX.
This move comes after months of public wrangling between WazirX and Binance owned by Zanmai Labs. The world’s largest crypto exchange claims that WazirX issued misleading statements about their relationship.
Due to these claims, Binance has “offered Zanmai a choice between withdrawing the false public statement (and continuing to use our service) or stop using our wallet service,” according to his blog post.
“As an exception, we have invited Zanmai to work with us to withdraw assets remaining in the relevant account after February 3. However, the onus ultimately lies with the Zanmai team to carry out the withdrawal as soon as possible,” wrote Binance.
In response, WazirX said it had start transferring funds to a multi-signature wallet. “Users can continue trading, depositing & withdrawing funds as usual. Your funds are safe with us,” they wrote.
Binance Claims WazirX Tried To Redirect Fault
Arguments about the relationship between the two exchanges started by WazirX are being investigated money laundering. Binance claims that WazirX made false representations to shift responsibility for potential misconduct from itself.
“The false and misleading narrative presented to the public misrepresents Binance as retaining control over WazirX user assets, user activity, and platform operations,” the statement continued.
Instead, Binance claims to only offer wallet services and technology solutions for WazirX. Moreover, the exchange claims that it offers similar services for many businesses.
“Binance has never managed or controlled the operations of WazirX, including those related to user assets and user activity. Our provision of wallet services to Zanmai is not unique – similar to the arrangements we have with many other companies that use our technology and infrastructure to run their businesses independently,” wrote Binance.
Binance is by far the largest crypto exchange in the world. Whatever happened to him had a systemic impact on the crypto space.
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