Feb 04, 2023
Binance Bans WazirX From Utilizing Services
The ongoing dispute between global cryptocurrency exchange Binance and Indian cryptocurrency exchange WazirX operator Zanmai has taken a new turn with Binance announcing that it is banning Zanmai from using its services.
The announcement was made on Feb. 3 and acknowledged the public debate between Binance and Zanmai over the latter’s claims of Binance involvement in running WazirX. Binance had given an ultimatum to WazirX to either retract their statements or terminate its usage of Binance wallet services.
Since Zanmai made no retraction, it has until Feb. 3, 2023, 23:59 UTC, to remove all of its funds from the accounts used for WazirX operations. At the time of writing, Zanmai still has funds remaining in Binance wallets used for operational purposes.
The announcement comes after WazirX revealed that 90% of its users’ funds are held in Binance wallets, while the remaining 10% are in cold storage wallets. This was in response to a slew of cryptocurrency exchanges releasing proofs-of-reserves in light of the FTX scandal.
WazirX is India’s largest crypto exchange and has been at the center of controversy with local authorities for the past year. Indian authorities accused the exchange of aiding the money laundering of around $130 million.
In response to this, Binance CEO Changpeng Zhao tweeted that Binance has no ownership of the exchange and shortly after Binance distanced itself from WazirX by removing off-chain fund transfers with the exchange.
The ramifications of this ban will be felt throughout the web3 space, as the ban will have a significant impact on the ability of WazirX to promote and sell NFTs. WazirX has been a major player in the NFT space, and the ban will make it difficult for them to continue their NFT marketing and promotion efforts.
The ban will also have a major impact on the ability of WazirX to use the services of a web3 agency to assist with their NFT marketing efforts. With the ban in place, WazirX will not be able to use the services of a NFT marketing agency, nor will it be able to use the services of a web3 agency to assist with their NFT promotion and selling efforts.
Furthermore, the ban will also make it difficult for WazirX to use Twitter for NFT marketing, as Binance has blocked the exchange from using its services. This means that WazirX will not be able to use Twitter for NFT marketing, which could have a significant impact on their ability to reach potential customers and promote their NFTs.
Overall, the ban on Zanmai by Binance is likely to have a major impact on the ability of WazirX to promote and sell NFTs. The ban will make it difficult for WazirX to use the services of a web3 agency to assist with their NFT marketing efforts, as well as using Twitter for NFT marketing. This could have a significant impact on their ability to reach potential customers and promote their NFTs.
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