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The terrible days for the Indian crypto community are not over after the digital asset blackout in the recent announcement of the 2023 Budget. The cash power between the two giants started months earlier, which now seems to have reached its destiny of closing.
Binance, a top crypto exchange has asked WazirX, its former Indian partner to withdraw customer funds stored on their platform.
Is Collaboration Over? Are Customer Funds Safe?
It all started when the Enforcement Directorate (ED) ordered WazirX under the FEMA Act and the CEO of Binance CZ, made the shocking comment that ‘Binance has never acquired WazirX’. As per the new update, the deal seems to have ended between them as Binance has invited Zanmai Labs to arrange for the withdrawal of all remaining assets as updated in its official blog post.
Binance in the post stated that it had recently provided a wallet facility to Zanmai Labs (the Entity that operates WazirX) which had been discontinued. Zanmai Labs have not withdrawn all of their assets held in the Binance wallet used for WazirX operations. The platform also asks the crypto community to DYOR (Do your own Research) before depositing their assets on any platform, while Binance users remain unaffected.
The platform further writes that Zanmai Labs supports false narratives about Binance’s role and responsibility for operating WazirX in India. Therefore, Binance offered the Zanmai 2 option on January 26, 2023. According to this, Zanmai Labs clarified and retraced the false public statements and continued to use the wallet service, or discontinue the service completely.
Furthermore, Binance has given a deadline of February 03, 2023, 23:59 UTC to remove all funds that appear to be processing. The platform also makes clear that it has no control over Zanmai’s management of WazirX customer funds.
However, the bitter end does not seem like a good start for cryptos in India for 2023 as neither of the founders have kept mum about this development.
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