Breaking: Binance-WazirX Deal Over? Binance Terminates This Service

Binance, the world’s largest crypto exchange and WazirX, India’s biggest crypto exchange have been involved in the tug of war amid the bear market conditions. However, in order to press its authority, Binance has issued a deadline for the Wazirx which might hurt the Indian crypto holders.

Binance holds no control on WazirX user funds

As per reports, Binance has told the Indian crypto exchange to withdraw customer assets that were held in its wallet. This direct message from the world’s largest crypto exchange depicts that the deal between the two giants seems to be getting over now.

Binance in a blog mentioned that they hold no control over the WazirX user funds. It also has no authority over any aspect of the Indian crypto exchange operations. It admitted that it provided wallet and related technology services to Zanmai Labs. However, CZ’s Binance will be terminating this service now.

It added that the parent company of WazirX, Zanmai has not been able to fully withdraw assets held in the mentioned wallets. Meanwhile, this termination would not impact any of the Binance users or their funds.

Both crypto exchanges have been involved in a long running Twitter spat. However, the largest crypto exchange has called out Zanmai for making several misleading claims related to their role in WazirX’s operation.

However, the termination of the use of its wallet service comes in as Zanmai refused to clarify its stand over its forced allegation. It added that as the deadline is near, Binance seeks that user whose assets are deposited with WazirX will have legitimate concerns regarding their holdings.