According to a blog post published on Tuesday by WazirX, India's cryptocurrency exchange, WazirX, India's cryptocurrency exchange, said that "the charges filed by Binance in his blog are false and unsubstantiated" and that in response to Binance's actions, it is taking corresponding measures to find recourse and protect its legal rights.
The war of words between Binance and Zanmai Labs, the Singapore head office of WazirX, is about which company really controls the Indian exchange. The internal structure dispute was made public in August 2022, when BinanceCEO Zhao Changpeng stated on Twitter that Binance did not manipulate WazirX, causing WazirX founder Nishal Shetti to fight back.
In the months that followed, the two sides discussed privately dealing with tenure issues to ensure that customer money did not become an additional hazard, Mr. Shetty said.
According to the Wall Street Journal, Binance released a full disc to WazirX on January 26, asking for the return of so-called "false statements and false descriptions," or to stop using Binance's wallet by February 3.
However, in a blog post on February 3rd, Binance said that he would exceptionally invite WazirX to "make an allocation and withdraw any remaining property in the relevant account." Since WazirX announces that 90 per cent of its consumer wealth is in Binance wallets, the solution ostensibly avoids anxiety about what will happen to customer money if Binance and WazirX stop working together.
Then, on February 3rd, WazirX indicated that it was now starting to transfer property to multi-signature wallets, a process expected to take place "in the next few hours".
Among bloggers on Tuesday, with the significant completion of the capital transfer process, WazirX showed that customers did not have to worry about Binance's announcement.
Arrangements have been made to ensure that WazirX's digital currency is deposited in accordance with industry-leading requirements. Users can buy and sell, deposit and get funds again as usual.
Binance didn't immediately respond to WJB's request for comment.
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