{"id":17266,"date":"2023-02-04T05:13:41","date_gmt":"2023-02-04T05:13:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-says-indian-crypto-exchange-wazirx-can-no-longer-use-its-wallet-services-exchanges-bitcoin-news\/"},"modified":"2023-02-04T05:13:41","modified_gmt":"2023-02-04T05:13:41","slug":"binance-says-indian-crypto-exchange-wazirx-can-no-longer-use-its-wallet-services-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-says-indian-crypto-exchange-wazirx-can-no-longer-use-its-wallet-services-exchanges-bitcoin-news\/","title":{"rendered":"Binance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Binance has announced that Indian crypto exchange Wazirx can no longer use Binance wallet services. Zanmai, the operator of Wazirx, has until Feb. 3 \u201cto remove the funds from the accounts that they used for Wazirx\u2019s operations.\u201d The move followed a public dispute regarding the relationship between Binance and Wazirx.
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Binance Ends Wallet Services to Wazirx<\/h2>\n

Cryptocurrency exchange Binance said Friday that Indian crypto exchange Wazirx \u201ccan no longer use Binance wallet services.\u201d<\/p>\n

Noting that it \u201chas no control over Wazirx user funds or any aspect of the Wazirx exchange\u2019s operations,\u201d Binance explained:<\/p>\n

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We provided wallet and related technology services to the exchange\u2019s operator, Zanmai Labs (Zanmai), \u2013 a service we are terminating.<\/p>\n<\/blockquote>\n

While Zanmai has conveyed its intention to withdraw funds from relevant accounts, Binance noted that at the time of its announcement, the Indian company \u201chas not fully withdrawn assets held in the Binance wallets that it uses for Wazirx\u2019s operations.\u201d<\/p>\n

The Public Dispute Between Binance and Wazirx<\/h2>\n

Binance\u2019s termination of wallet services to Zanmai followed a public debate<\/a> between Binance and Wazirx regarding the nature of the relationship between the two cryptocurrency trading platforms.<\/p>\n

\u201cZanmai has made a series of misleading claims related to Binance\u2019s alleged role in and responsibility for operating the Wazirx exchange,\u201d Binance described, elaborating:<\/p>\n

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The false and misleading narrative put forth to the public misrepresented Binance as maintaining control over Wazirx users\u2019 assets, user activity, and the platform\u2019s operations.<\/p>\n<\/blockquote>\n

Emphasizing that it merely provided wallet services to Zanmai \u201conly as a tech solution for their operations of the Wazirx exchange,\u201d Binance said that on Jan. 26, it offered the Indian company a choice to either \u201cretracting the false public statements (and continuing to use our services) or terminating the use of our wallet service.\u201d Binance continued:<\/p>\n

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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\u2019s operations.<\/p>\n<\/blockquote>\n

Binance CEO Changpeng Zhao (CZ) recently said that India is not a viable business<\/a> opportunity for his exchange due to the country\u2019s regulatory stance, including a hefty tax framework<\/a>. The crypto exchange has been actively expanding its operations worldwide. Now licensed in seven EU countries<\/a>, Binance recently acquired a Japanese exchange<\/a> and invested in a Korean exchange.<\/p>\n

What do you think about Binance ending its wallet services to Indian crypto exchange Wazirx? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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