WazirX Will Act Against Binance Exchange

WazirX, an Indian cryptocurrency exchange, has criticised Binance by labelling the accusations made against them as untrue and deceptive.

The largest cryptocurrency exchange in the world, Binance, and the leading cryptocurrency exchange in India, WazirX, have been at odds with one another since the bear market of 2022. Wazirx was given a deadline by Binance to withdraw its statement by in order to avoid losing access to Binance wallets and services. The debate persisted into the new year.

WazirX Requests Remedies

Who actually controls the Indian exchange is the subject of a dispute between Binance and Zanmai Labs, the parent firm of WazirX and a Singaporean corporation. When Binance CEO Changpeng "CZ" Zhao tweeted for the first time in August 2022 that Binance did not control WazirX, the public first learned about the struggle between the two executive workers. Nischal Shetty, a co-founder of WazirX, was moved by this to later respond with his own tweets.

WazirX wrote in a blog post on February 7 that the process of transferring cash is thought to be finished, so its users don't need to be concerned about Binance's assertion. The exchange has taken steps to ensure that WazirX's digital assets are stored in accordance with the standards that are thought to be the strictest in the industry, it continued. As a result, users are allowed to carry on with regular transactions, deposits, and withdrawals of money.

The cryptocurrency exchange was cited as saying in response to Binance's charges: "The allegations stated by Binance in their blog are incorrect and unfounded."

The Indian Centralized Exchange further declared that they will take the necessary steps to obtain justice and protect their legal rights in the circumstance. WazirX may pursue legal action, a first for the Indian cryptocurrency sector, to prevent Binance from discontinuing its services, despite this not being officially stated.

WazirX vs. Binance

The exchange was given until February 3 to erase what Binance called a "false and misleading narrative" or stop using Binance's cryptocurrency wallets, according to information gathered on January 26. However, Binance announced in a blog post on February 3 that it was making an exception and asked WazirX to develop a process for withdrawing any leftover cryptocurrency from the relevant accounts.

WazirX said that 90% of the assets belonging to its users are stored in Binance wallets, thus the solution appears to have allayed worries about what would happen to user funds in the event that Binance and WazirX decided to call it quits. WazirX, on the other hand, later asserted that it had begun the process of transferring assets to multi-sig wallets and that it had now finished the process without experiencing any significant problems.