Indian cryptocurrency exchange WazirX has reverted to the claims made by Binance, with the post titled “Binance allegations false & misleading: WazirX seeks recourse”.
Insights from the post stated that WazirX users are not required to worry about Binance’s announcement, and that the exchange has sorted out the storage of WazirX’s digital assets based on “industry-leading standards.” “Users can continue to trade, deposit, and withdraw their funds as usual. The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights,” the post added.
On January 26, 2023, it is believed that Binance offered Zanmai Labs, the platform handling WazirX, a stipulation of either withdrawing the “false public statements” or discontinuing the utilisation of their wallet assistance. Through a February 3, 2023, website post, Binance expressed legitimacy concerns for those users having assets stored with WazirX. “Binance does not have control over Zanmai’s management of WazirX user funds. Zanmai have informed us of their intention to withdraw the assets from the relevant accounts,” the website post mentioned.
The dispute between Binance and WazirX dates back to August, 2022, when Changpeng Zhao, CEO, Binance, gave out a tweet that Binance didn’t have any authority over WazirX. Previously, in November, 2019, Binance revealed the completion of the WazirX acquisition using a blog post.