NewsletterBreaking: Binance Terminates Fund Transfers Between WazirX
The world’s largest crypto exchange Binance on Monday said it will cease the off-chain fund transfer channel between WazirX and Binance. The move comes after some users claim that funds deposited in WazirX were managed by Binance.
Binance Removes Off-Chain Fund Transfer Between WazirX
Binance in a press release on August 8 announced that it will cease the off-chain fund transfers between WazirX from August 11 at 03:00 UTC.
The recent regulatory action against Zanmai Labs Pvt Ltd by India’s Enforcement Directorate led to a heated battle over the ownership of crypto exchange WazirX.
Binance’s CEO “CZ” had earlier clarified that the crypto exchange didn’t own a stake in WazirX’s parent firm Zanmai Labs. However, Zanmai Labs owners think otherwise. They believe the deal was completed in 2019.
In order to further provide clarity and protect users, Binance is now removing the off-chain fund transfer channel between the two crypto exchanges. Some users claim Binance manages fund deposits in WazirX. However, the claim is false.
Binance will discontinue the off-chain fund transfer through the “Login with Binance” option. However, users can still use the standard withdrawal and deposit process to deposit or withdraw funds.
Furthermore, the global crypto exchange will support Indian regulators in the ongoing investigation. Binance asserts the exchange keeps regulators, policymakers, and law enforcement at the forefront.
“Binance believes in keeping an open dialogue with regulators, policymakers, and the law enforcement community as we collectively seek to establish a global regulatory framework for the industry.”
Proof Game Continues Between “CZ” and Nischal Shetty
Last week, Binance CEO “CZ” tweeted that they can shut down the domain. However, they will not do that as it hurts users. In response, WazirX’s founder claim “CZ” words are proof that they do own WazirX.
Binance’s CEO urged users to withdraw their funds on WazirX and transfer their funds to Binance or other wallets. Moreover, he also accuses the India crypto exchange of being uncooperative with Binance and with the Enforcement Directorate.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Bitcoin Hyper Presale Review: How Utility is Unlocked With ZK-SVM Rollup
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
