Feb 04, 2023
Binance Bans WazirX from Utilizing Services
The debate between Binance, the world’s leading cryptocurrency exchange, and WazirX, the Indian crypto platform, continues to heat up. Binance recently announced that it is banning the latter from using its services.
On February 3rd, Binance released a statement about the ongoing dispute with WazirX. Binance had given the Indian exchange an ultimatum to either retract its statements or terminate its usage of Binance’s wallet services. As of the time of writing, WazirX has not retracted its statements, and now has until February 3, 2023, 23:59 UTC, to remove all of its funds from the accounts used for WazirX operations.
This news comes less than a month after WazirX revealed that it holds 90% of its users’ funds in Binance wallets, while the remaining 10% are in cold storage wallets. This was in response to the FTX scandal, which caused a number of crypto exchanges to release proofs-of-reserves.
WazirX is India’s largest crypto exchange, however, it has been facing a lot of scrutiny from local authorities. It was accused of aiding in the money laundering of around $130 million. This led to millions of user funds being frozen on the exchange.
In response, Binance CEO Changpeng Zhao clarified that Binance had no ownership of the exchange and was distancing itself from WazirX. Binance then took the side of local authorities and removed off-chain fund transfers with the exchange.
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Binance’s decision to ban WazirX from using its services is a reminder of the importance of being aware of the financials when dealing with crypto exchanges. It is important to do your research and make sure that the exchange you are using is reputable and trustworthy. Additionally, it is important to be aware of the risks associated with NFTs and to make sure that you are using a reputable NFT marketing agency if you are looking to sell NFTs.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.