Feb 04, 2023

Binance Bans WazirX From Utilizing Services

The crypto world is abuzz with the ongoing dispute between Binance, the world’s largest cryptocurrency exchange, and Zanmai, the operator of the Indian crypto exchange WazirX. This week, Binance released a blog post outlining its decision to ban Zanmai from utilizing its services.

The post, released on Feb. 3, outlines the dispute between the two parties that has been ongoing since late January. Binance stated that it had given Zanmai an ultimatum to either retract its statements or terminate its usage of Binance wallet services. As Zanmai made no retraction, Binance has given them a deadline of Feb. 3, 2023, 23:59 UTC, to remove all of their funds from the accounts used for WazirX operations.

The announcement follows a slew of cryptocurrency exchanges releasing proofs-of-reserves in light of the FTX scandal, as well as WazirX’s own announcement that it holds 90% of its users’ funds in Binance wallets, with the remaining 10% in cold storage wallets.

WazirX is India’s largest crypto exchange, but has been in hot water with local authorities over the last year. Indian authorities accused the exchange of aiding the money laundering of around $130 million, leading to millions of user funds being frozen on the exchange. In response to this, Binance CEO Changpeng Zhao tweeted that Binance has no ownership of the exchange and shortly afterwards, Binance removed off-chain fund transfers with the exchange.

Recently, the web3 space has seen a surge in activity, with the emergence of new NFTs and the rise of crypto-based marketing and promotion. This has been a boon for NFT marketing agencies, who have been able to leverage the power of Twitter and other social media platforms to promote their clients’ NFTs and help them sell them to a wider audience.

NFT marketing agencies have become increasingly popular in the web3 space, as they are able to provide comprehensive services for NFTs, from helping to design and create them to marketing and promotion. They are also able to provide guidance on how best to monetize NFTs, such as through the use of presales and auctions.

Overall, the web3 space is becoming increasingly competitive, as more and more companies are vying for a piece of the market. As such, it is important for companies to be aware of the legal implications of their actions, as well as the potential consequences of their decisions. The dispute between Binance and Zanmai serves as a reminder to all companies in the web3 space to be mindful of their actions and to take the necessary steps to protect their funds.

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