Feb 04, 2023

Binance Bans WazirX From Utilizing Services

Binance, the global cryptocurrency exchange, has taken a hard stance against the Indian crypto exchange WazirX, operated by Zanmai, by banning it from using its services. This is the latest development in the ongoing dispute between the two entities.

On Feb. 3, Binance released a blog post that addressed the public debate between Zanmai and Binance. The post stated that Zanmai had been given an ultimatum of retracting its statements and continuing to use Binance wallet services, or terminating its usage. Since Zanmai failed to make a retraction, Binance has given it until Feb. 3, 2023, 23:59 UTC to remove all of its funds from the accounts used for WazirX operations.

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

WazirX has been in the spotlight for the wrong reasons lately. Indian authorities accused the exchange of aiding the money laundering of around $130 million. This led to millions of user funds being frozen on the exchange, prompting Binance CEO Changpeng Zhao to publicly distance Binance from WazirX in a tweet. Subsequently, Binance sided with local authorities during the investigation and removed off-chain fund transfers with the exchange.

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