Binance Ends Wallet Services to Wazirx: Time to Remove Funds
• Binance announced on Friday that Indian crypto exchange Wazirx can no longer use its wallet services.
• This move follows a public dispute regarding the relationship between Binance and Wazirx.
• Binance has given Wazirx until February 3rd to remove all funds from the accounts used for their operations.
Binance Ends Wallet Services to Wazirx
Binance has announced that Indian crypto exchange Wazirx can no longer use Binance wallet services. The move followed a public dispute regarding the relationship between Binance and Wazirx with Zanmai, the operator of Wazirx, having till Feb. 3 „to remove the funds from the accounts that they used for Wazirx’s operations.“
Public Dispute Between Binance and Wazirx
Binance explained that it had provided wallet and related technology services to Zanmai, but was now terminating this service as Zanmai had made „a series of misleading claims related to Binance’s alleged role in and responsibility for operating the Wazirx exchange.“ They stated that these false statements misrepresented them as maintaining control over user assets, activity, and operations.
Choice Offered By Binance
At the time of their announcement, Zanmai had not removed all funds from relevant accounts so on Jan. 26, they offered them a choice; retracting false public statements (and continuing to use their services) or terminating the use of their wallet service. Since Zanmai refused to clarify these misleading statements, they have till February 3rd to withdraw all funds from accounts used by them for their exchange operations.
India Not A Viable Business Opportunity For Biance
Biance CEO Changpeng Zhao (CZ) recently said that India is not a viable business opportunity due to its regulatory stance including hefty taxes framework thus making it difficult for them to operate there. Despite this, Biaince has been actively expanding its operations worldwide being licensed in 7 EU countries at present..
Therefore it is clear that due to issues concerning regulations in India , Biance has decided it best not provide any further services or support to Indian Crypto Exchange -Wazarix anymore .