Feb 04, 2023
Binance Bans WazirX, Indian Crypto Exchange
The dispute between the world-renowned cryptocurrency exchange Binance and WazirX, the Indian crypto exchange, has taken a new turn. Binance has announced that it will be banning WazirX from utilizing its services.
On Feb. 3, Binance released a blog post that acknowledged the ongoing “public debate” with WazirX over its claims of Binance involvement in running the Indian exchange. Binance had previously given WazirX an ultimatum to either retract its statements and continue using Binance wallet services, or terminate its usage.
The announcement stated that WazirX had not made any retraction and has until Feb. 3, 2023, 23:59 UTC, to remove all of its funds from the accounts used for its operations. At the time of writing, Binance noted that WazirX still has funds in Binance wallets used for operational purposes.
This news comes after WazirX revealed in January that it holds 90% of its users’ funds in Binance wallets, and the remaining 10% in cold storage wallets. This announcement followed a series of crypto exchanges releasing proofs-of-reserves in response to the FTX scandal.
WazirX is India’s largest crypto exchange, but it has been facing tough times lately. The exchange was accused by Indian authorities of facilitating money laundering of around $130 million. This investigation caused millions of user funds to be frozen on the exchange.
In response to this, Binance CEO Changpeng Zhao released a tweet clarifying that Binance has no ownership of the exchange. Binance then sided with the Indian authorities in the WazirX investigation and removed off-chain fund transfers with the exchange.
The news of Binance banning WazirX from its services is a major setback for the Indian exchange, as it will now have to find alternative ways to promote and sell its NFTs. For this, WazirX may need to look into Twitter NFT marketing and possibly even hire a web3 agency to help them with marketing and selling their NFTs.
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