Everything You Need To Know About Binance And WazirX Recent Feud!

Everything you need to know about Binance and WazirX’s recent feud. On 5 August, Changpeng Zhao (CZ), the CEO of Binance, took to Twitter to clarify some issues with WazirX and add a statement for WazirX users to transfer funds into the Binance platform. While at the same time, Nischal Shetty, Founder of WazirX India, also posted his views on the matter.

What Happened With WazirX

On Friday, The Directorate of Enforcement of India (ED) released a statement to Zanmai Labs, the company behind WazirX. In the release, the ED froze the account of WazirX, which consisted of approximately $8.1m, and conducted a search on the Indian exchange.

Binance and WazirX

On 5 August, not long after the report, CZ clarified on Twitter the relations between Binance and WazirX. In the clarification, CZ said that Binance does not own any equity in Zanmai Labs. Even though Binance posted an acquisition with WazirX in November 2019, it was never complete. He added that Binance only offers wallet services to WazirX as a tech solution. At the end of the Twitter thread, CZ said Binance would cooperate with ED to fix the problems.

A few hours after CZ posted the clarification, Nischal Shetty, the Founder of WazirX India, replied to CZ. He said that WazirX was acquired by Binance. He also provided more information the opposite of what CZ posted.

CZ replied again to Nischal Shetty by emphasizing that Binance only provides wallet services to WazirX. He also added his disagreement in talking about this in public. He posted another tweet and said, “If you have funds on WazirX, you should transfer it to Binance. Simple as that. We could disable WazirX wallets on a tech level, but we can’t/won’t do that. And as [much debates] as we are enduring, we can’t/won’t hurt users.”

CZ ended the long tweets about WazirX by saying that WazirX is uncooperative with Binance and the ED too.

For more info regarding Crypto Alpha and NFTs Alpha.  Always follow us on Twitter and Instagram


Related post