• Binance has told WazirX to withdraw all funds from its wallet services.
• The move came after months of public arguments between the two exchanges, with Binance claiming WazirX issued misleading statements.
• WazirX responded by saying they have started transferring funds to multi-signature wallets and users can continue trading as usual.

Binance Cuts Ties with WazirX

Binance has told WazirX to withdraw all funds from its wallet services, ending their relationship after months of public arguments. Binance claims that WazirX made false statements about their relationship which prompted them to terminate the use of their wallet service.

Cancels Its Wallet Service

In an apparent move to cut ties with the Indian crypto exchange, Binance has stopped offering wallet services to WazirX. As an exception, they have invited Zanmai (WazirX’s parent company) to work out arrangements with them to withdraw any remaining assets in the relevant accounts after 3 February 2021. However, it is up to Zanmai team to make the withdrawals expeditiously.

WazirX Response

In response, WazirX said they have started transferring funds to multi-signature wallets and users can continue trading as usual without interruption or risk posed on their funds.

Binance Claims Misleading Statements

The argument over the relationship between the two exchanges started when WazirX got into trouble with Indian regulators for money laundering allegations. Binance claims that false and misleading narrative was put forth by Wazirx which misrepresented Binance as controlling user activity and platform operations. The exchange claims that it only offers wallet services and a tech solution while similar arrangements are offered to numerous other firms that use their technology and infrastructure independently run their businesses.

Binance Acquisition in 2019

In 2019, Binance published a press release stating it acquired India’s leading digital asset platform – something which could be seen as contradicting its present stance on this matter but never addressed publicly until now.