Binance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services

Binance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services – Cryptocurrency exchange Binance said Friday that Indian crypto exchange Wazirx “can no longer use Binance wallet services.” Noting that it “has no control over Wazirx user funds or any aspect of the Wazirx exchange’s operations,” Binance explained: “We provided wallet and related technology services to the exchange’s operator, Zanmai Labs (Zanmai), – a service we are terminating.”

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While Zanmai has conveyed its intention to withdraw funds from relevant accounts, Binance made it known that at the time of its announcement, the Indian company “has not fully withdrawn assets held in the Binance wallets that it uses for Wazirx’s operations.” Binance’s termination of wallet services to Zanmai followed a public debate between Binance and Wazirx as regards the nature of the relationship between the two cryptocurrency trading platforms. 

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“Zanmai has made a series of misleading claims related to Binance’s alleged role in and responsibility for operating the Wazirx exchange,” Binance described. Elaborating: “The false and misleading narrative put forth to the public misrepresented Binance as maintaining control over Wazirx users’ assets, user activity, and the platform’s operations.” Emphasizing that it merely provided wallet services to Zanmai “only as a tech solution for their operations of the Wazirx exchange.” 

Binance said that on Jan. 26, it offered the Indian company a choice to either “retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service.” Binance continued: “Since Zanmai has refused to clarify their misleading statements, Zanmai has till 3 February 2023 (23:59 UTC) to remove the funds from the accounts that they used for Wazirx’s operations.”

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Binance CEO Changpeng Zhao (CZ) has stated that India is not a promising market for the company due to its strict regulations and high tax framework. Despite this, Binance continues to expand globally, holding licenses in seven European countries, acquiring a Japanese exchange and investing in a Korean exchange.

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