WazirX and Binance’s ongoing corporate battle has taken a swing towards a new dramatic controversy. WazirX on 8th February 2023, accuse Binance of spreading false and misleading information against it in the market. This development comes just some days after Binance said it has cut-off its ties with WazirX citing unfulfillment of desired negotiations from WazirX’s end as the primary reason.
The feud between these two crypto exchanges has going on since August 2022 and is only intensifying with time.
Binance, on 3rd February 2023, publish a blog post saying that it had decide to ban WazirX from using its services.
Binance Said in blog post :
“WazirX users do not have to be concerned about Binance’s announcement. Users can continue to trade, deposit, and withdraw their funds as usual,”
As Binance has alleged that its ultimatum to WazirX to retract its statements have gone unanswer, leading it to sever all ties with the latter.
Binance Said in blog post :
“Zanmai has made a series of misleading claims related to Binance’s alleged role in and responsibility for operating the WazirX exchange. 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. The reality is that Binance provided Zanmai wallet services only as a tech solution for their operations of the WazirX exchange. Binance has never managed or controlled WazirX’s operations, including in relation to users’ assets and user activity,”.
As for WazirX, Binance has in the wrong since it denie owning the former.
Binance had claim in a November 2019 blog that it had acquired WazirX.
In 2022 Zhao claim that the transaction of acquiring Wazirx “was never completed”.
This development unfold into a series of arguments exchange between the honchos of both the exchanges on Twitter.
WazirX has hit back at Binance saying :
“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.”
In January 2023, WazirX announce this week that it holds $285 million (approx. Rs. 2,320 crore) in its reserves.
At the time, it came to light that of the total user assets, around 92% are held on Binance wallets, making for $259.07 million (approx. Rs. 2,120 crore).
