WazirX Reveals Ties with Binance and Raises Concerns Over WRX Token

Indian cryptocurrency exchange WazirX recently provided additional clarity regarding its relationship with the world's leading crypto exchange, Binance. In a blog post, WazirX disclosed that Binance controls the WRX token, shedding light on the initial exchange offering (IEO) and the subsequent management of the token.

Timeline of Wazirx

India's top crypto exchange WazirX said Binance conducted the initial exchange offering (IEO) for its WRX token and still controls the token supply. In a May 16 statement, the WazirX team clarified the token's management, saying Binance kept all the proceeds from the IEO — about $2 million — for itself.

Indian crypto exchange WazirX has provided more clarity regarding its ties with Binance. WazirX announced in a post yesterday that the world's leading crypto exchange Binance controls the WRX token.

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.

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.