Binance Controls WRX Token, WazirX Reveals After Long Feud

Jai Pratap
May 17, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Binance Wazirx

Indian crypto exchange WazirX has provided more clarity regarding its ties with Binance. WazirX announced in a post yesterday that the world’s leading crypto exchange Binance controls the WRX token.

WazirX revealed that Binance conducted the WRX token IEO (Initial Exchange Offering) and kept all the proceeds from the sale that amounted to nearly $2 million.

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Binance holds 580.78 million WRX tokens

WazirX announced in a blog post that Binance is currently holding a total of 580.78 million locked and unlocked WRX tokens. From the unlockedWRX tokens, Binance transferred a total of 116.8 million(11.68% of the total supply) to a treasury account of Binance on binance.com in four transactions on various dates, the Indian exchange revealed.

WazirX further clarified that their team did not receive any token allocations from Binance.

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Binance failed to conduct quarterly WRX burn

WazirX revealed that Binance is responsible for conducting the quarterly burn of WRX tokens. The last WRX burn event for the quarter of Oct – Dec 2021 was executed by Binance on the unlocked token on 9th March, 2022, where $6 million worth of WRX were burned. CZ led crypto exchange has failed to conduct the quarterly burn for the past 5 quarters i.e. since Jan 2022 onwards.

WazirX users were kept in the dark about the management of WRX tokens all this time. The news did not have a massive impact on the price of the token as it was down 3% at time of writing.

Binance and WazirX have been feuding over the ownership of the exchange for a year now. Earlier, Binance stopped providing wallet services to WazirX and asked the Indian crypto exchange to withdraw its assets from Binance wallets. With Binance failing to conduct quarterly burns in more than a year, it might seem like the exchange has abandoned the project altogether.

Binance has not responded to these claims as of yet.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, cover breaking news, and write editorials. When not working, you'll find him reading Russian literature or watching some Swedish movie.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.