Feb 04, 2023
Binance Bans WazirX from Utilizing Services
The dispute between the world-renowned cryptocurrency exchange Binance and the operator of the Indian cryptocurrency exchange WazirX, Zanmai, has been escalating, with Binance issuing a blog post announcing that it is banning the latter from using its services.
On Feb. 3, Binance released a post that addressed the ongoing “public debate” between the two parties, which began on Jan. 26 when Binance gave WazirX an ultimatum to either retract its statements and continue using Binance wallet services or terminate its usage.
The post clarified that Zanmai had not retracted its statements and that 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 in Binance wallets used for operational purposes.
This follows a month of controversy surrounding the Indian exchange, which began when WazirX revealed that it holds 90% of its users’ funds in Binance wallets, while the remaining 10% are in cold storage wallets. This announcement was made after a number of cryptocurrency exchanges released proofs-of-reserves in response to the FTX scandal.
The situation escalated when Indian authorities accused WazirX of aiding the money laundering of around $130 million, leading to millions of user funds being frozen on the exchange.
In light of this, Binance CEO Changpeng Zhao tweeted to clarify that Binance has no ownership of the exchange. Shortly after this, Binance took the side of local authorities in India during the WazirX investigation and removed off-chain fund transfers with the exchange.
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The dispute between Binance and WazirX serves as a reminder of the importance of using a reputable exchange when trading and storing cryptocurrencies. It also highlights the potential of NFTs and NFT marketing for companies looking to reach a wider audience. With the right guidance, companies can use NFTs to create promotional campaigns and increase brand visibility.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.