Indian Crypto Exchange Wazirx Calls Binance's Allegations ‘False and Unsubstantiated' — Seeks Recourse

Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the allegations “are false and unsubstantiated,” Wazirx stressed. “As far as Binance's actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.

Timeline of Wazirx

Binance has announced that Indian crypto exchange Wazirx can no longer use Binance wallet services. Zanmai, the operator of Wazirx, has until Feb. 3 “to remove the funds from the accounts that they used for Wazirx's operations.” The move followed a public dispute regarding the relationship between Binance and Wazirx.

Crypto exchange Binance asked WazirX operator Zanmai Labs to withdraw the funds on its Binance wallets because it was terminating its services to the firm, according to a February 3 statement.

Key Points: Users of the WazirX exchange, which is operated by Zanmai Labs, are no longer able to make use of the Binance wallet services after it was revealed on February 3 that the platform has terminated its provision of wallets and other associated technical services to the company.

The dreadful days for the Indian crypto community have not vested following the ignorance of digital assets in the recent announcement of Budget 2023. The power cash between the two titans began a few months before, which now appears to have reached its destiny of closure. Binance, the top crypto exchange has asked told.

The company told Zanmai to withdraw all funds and assets in Binance wallets used for WazirX operations on February 3, 2023, no later than 11:59 PM UTC.An official blog post explained that the ultimatum was issued as Zanmai refused to clarify or retract misleading statements about its relationship with Binance.CZ's company previously shuttered its off-chain fund transfer channel with the Indian crypto exchange back in August 2022.  Zanmai Labs, the company behind Indian crypto trading venue WazirX, has until 11:59 PM UTC on February 3, 2023, to withdraw all assets in Binance accounts used for WazirX operations, an official blog post released on Friday said.

Following the FTX liquidity and bankruptcy incident, which caused panic in the cryptocurrency sector, numerous digital asset providers have begun publicizing their reserve funds. WazirX, an Indian cryptocurrency exchange, recently joined the ranks of other crypto platforms that have embraced proof of reserve transparency.

India's top crypto exchanges CoinDCX and WazirX promised to release their proof-of-reserves (PoR) in the coming days after global crypto exchanges hurried to release their proof-of-reserves following the collapse of FTX. Indian crypto exchange CoinDCX today released their proof-of-reserves, showing their commitment to the Indian crypto community.

WazirX, the Indian crypto exchange, has said that it is currently working with a third-party vendor to conduct an audit of its reserves, which will provide a proof of its holdings. The post WazirX to share Proof of Reserves with the public appeared first on CryptoSlate.

WazirX founder's blockchain project Shardeum closes $18 million seed round, raising funds from over 50 investors including Spartan Group and Big Brain Holdings. The post WazirX founder's blockchain project Shardeum raises $18 million appeared first on The Block.

The layoffs come nearly two months after Indian authorities began investigating WazirX for alleged money laundering.  The post Indian crypto exchange WazirX confirms layoffs: CoinDesk appeared first on The Block.