Feb 04, 2023

Binance Bans WazirX from Utilizing Services

The debate between Binance, the leading cryptocurrency exchange, and Zanmai, the operator of the Indian crypto exchange WazirX, has been escalating since the latter was accused of aiding money laundering of around $130 million.

On February 3, Binance released a blog post addressing the ongoing controversy. The post stated that Zanmai had until February 3, 2023, 23:59 UTC, to remove all of its funds from the accounts used for WazirX operations. It also revealed that Zanmai still has funds remaining in Binance wallets used for operational purposes.

The announcement comes shortly after WazirX revealed that it holds 90% of its users’ funds in Binance wallets, with the remaining 10% in cold storage wallets. This was in response to the FTX scandal and other cryptocurrency exchanges releasing proofs-of-reserves.

The Indian crypto exchange has been in hot water with local authorities since last year, leading Binance CEO Changpeng Zhao to publicly distance the exchange from WazirX. Subsequently, Binance took the side of Indian authorities and removed off-chain fund transfers with the exchange.

The news of Binance banning WazirX from using its services has caused a stir in the crypto community. Many have questioned the implications of this decision for the Indian crypto market, as WazirX is India’s largest crypto exchange.

This latest development in the ongoing saga between Binance and Zanmai has also raised questions about the future of NFTs in India. NFTs are digital assets that are unique and cannot be replicated, and are increasingly being used for promotion and marketing by web3 agencies.

However, the lack of access to Binance wallets could make it difficult for NFTs to be sold and promoted in India. This could lead to a decrease in the number of NFTs being sold and marketed in the country, and could even lead to a decrease in the number of NFT marketing agencies.

The future of NFTs in India is uncertain, but it is clear that the ban on WazirX from using Binance wallets could have a significant impact on the web3 space in the country. As a result, it is important for those in the crypto and NFT space to stay up-to-date on the situation and be aware of the potential implications of this decision.

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