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Since the bear market of 2022, the largest cryptocurrency exchange in the world, Binance, and India’s top crypto exchange, WazirX, have been engaged in a tug of war with one another. The dispute continued all the way into the new year, and just recently, Binance gave Wazirx a deadline by which it needed to withdraw its statement or risk losing access to Binance wallets and services.
WazirX Seeks Recourse
The disagreement between Binance and Zanmai Labs–which is the parent company of WazirX and domiciled in Singapore–is about who has actual control over the Indian exchange. The conflict among the two executive employees became known to the general public in August 2022, when Binance CEO Changpeng “CZ” Zhao tweeted for the first time that Binance did not have control over WazirX. This prompted WazirX co-founder Nischal Shetty to respond with his own tweets later.
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On February 7, WazirX stated in a blog post that its customers do not need to be concerned by Binance’s statement because the process of transferring funds is believed to be complete. It went on to say that the exchange has taken preparations to guarantee that WazirX’s digital assets are stored in compliance with the standards that are considered to be the most stringent in the industry. As a consequence of this, users are free to continue making trades, deposits, and withdrawals of monies as normal.
While speaking on Binance’s allegations, the crypto exchange was quoted as saying:
The allegations made by Binance in their blog are false and unsubstantiated.
In addition, the Indian centralized exchange affirmed that they will be taking the required actions to seek justice and safeguard their legal rights in the situation. Although not explicitly mentioned, WazirX might take a legal course in order to restrain Binance from terminating its services; a first for Indian crypto market.
Binance Vs WazirX
According to information obtained, on January 26, Binance sent WazirX an ultimatum demanding that the exchange remove what it referred to as a “false and misleading narrative” or stop utilizing Binance’s crypto wallets by February 3. However, on February 3, Binance said in a blog post that it was making an exemption and invited WazirX to work out procedures to withdraw any remaining cryptocurrencies in the relevant accounts.
Given that WazirX reported that 90% of its user assets are housed in Binance wallets, the solution apparently put an end to concerns about what would happen to client cash in the event that Binance and WazirX decided to discontinue their relationship. WazirX, on the other hand, later claimed that it had started the process of moving assets to multi-sig wallets and presently the process has concluded without facing any major hiccups.
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