Sources 6m binance wazirxsinghcoindesk Binance has extended an invitation to Zanmai Labs, the operator of the Indian cryptocurrency exchange WazirX, to establish procedures for withdrawing any remaining assets held in Binance wallets. This move is intended to alleviate concerns about the fate of customer funds in the event of a Binance and WazirX partnership dissolution. However, it appears to have intensified the ongoing dispute between the two cryptocurrency exchanges.
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In a tweet on Friday at 14:58 UTC, WazirX confirmed that it had initiated the process of transferring assets to multi-signature wallets and anticipates completing the process “within the next few hours.”
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The public dispute between Binance and WazirX commenced on August 5, 2022, when Binance CEO Changpeng Zhao posted a tweet claiming that “Binance does not own any shares in Zanmai Labs, the entity operating WazirX and established by the original founders.” These comments came shortly after India’s Enforcement Directorate (ED) conducted raids on the properties of Sammer Mhatre, a director and co-founder of WazirX, based on suspicions that the exchange had assisted 16 fintech companies in money laundering.
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In the following days, Changpeng Zhao’s statements created concern among WazirX users. He suggested that Binance could potentially shut down the Indian cryptocurrency platform and advised its users to transfer their funds to Binance. Zhao mentioned that “Binance provides wallet services for WazirX. WazirX domain is transferred to our control. We were given shared access to an AWS account. We could shut down WazirX. But we can’t, because it hurts users.” He further recommended, “If you have funds on WazirX, you should transfer it to Binance. Simple as that.”
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In an interview with CoinDesk at that time, Nischal Shetty, the co-founder of WazirX, dismissed Zhao’s claims regarding Binance not controlling the WazirX exchange. Shetty stated, “WazirX is the technology which we sold to Binance.” He mentioned that he possesses legal documents confirming the sale but couldn’t share them due to legal constraints. Shetty’s primary aim was to find a resolution to the issue, stating, “What I really want is a solution.”
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Over the following months, various macroeconomic factors, combined with India’s stringent taxes and the widespread turmoil caused by the FTX collapse, led to WazirX laying off 40% of its workforce. Given WazirX’s later disclosure that 90% of its user assets were held in Binance wallets, the potential consequences of the separation between Binance and WazirX on WazirX remained uncertain.
