Feb 04, 2023

Binance Bans WazirX from Utilizing Services

The dispute between Binance, one of the world’s largest cryptocurrency exchanges, and WazirX, an Indian cryptocurrency exchange operated by Zanmai, continues to intensify.

On Feb. 3, Binance released a blog post that addressed the ongoing public debate between the two entities. Binance had previously given WazirX the ultimatum of retracting its statements and continuing to use Binance wallet services or terminating its usage.

The post noted that WazirX had not retracted its previous statements, and Binance had given them until Feb. 3, 2023, 23:59 UTC, to remove all of their funds from the accounts used for WazirX operations. At the time of the announcement, WazirX still had funds in Binance wallets used for operational purposes.

This announcement came after WazirX revealed in January that 90% of their users’ funds were held in Binance wallets, with the remaining 10% in cold storage wallets. The announcement was made in light of the FTX scandal, with many cryptocurrency exchanges releasing proofs-of-reserves.

The Indian exchange has been in hot water with local authorities for the past year, due to accusations of aiding in money laundering of around $130 million. This prompted Binance CEO Changpeng Zhao to publicly distance the exchange from WazirX, and shortly after, Binance blocked off-chain fund transfers with the exchange.

The news of Binance blocking WazirX from utilizing its services has created a ripple effect in the web3 space, with the NFT industry being one of the most affected. NFTs have become increasingly popular in recent months, and the news of Binance blocking WazirX has caused many NFT creators to worry about the future of their projects.

However, there are still ways that NFT creators can promote their projects and continue to sell their NFTs. NFT marketing agencies such as NFTMarketing.io specialize in helping NFT creators market their projects on social media platforms such as Twitter, and web3 agencies such as Web3.agency offer services to help NFT creators with their projects.

Ultimately, the news of Binance blocking WazirX is a reminder of the importance of being aware of the risks associated with investing in cryptocurrency. While there are still many ways to safely invest in cryptocurrency, it is important to do your research and make sure you are investing in a reputable exchange.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.