Binance Gives Deadline to WazirX: Withdraw Client Assets Now!
• A dispute between two crypto trading platforms, Binance and WazirX has begun last year.
• Binance issued a statement urging the operator of WazirX to withdraw all customer funds stored on its infrastructure and wallets by 3 February.
• The spat began when the Indian government raided offices belonging to Zanmai (the exchange’s operator) and froze over $8 million in assets.
Binance vs. WazirX
The saga between Binance and the Indian crypto exchange takes another turn. Earlier today, the CZ-led crypto giant issued another statement, urging Zanmai (the operator of WazirX) to withdraw all customer funds stored on Binance’s infrastructure and wallets by 3 February 2023 or else face consequences. This comes as Zanmai has supposedly refused to retract a previous “false public statement” against Binance.
Background of Dispute
The dispute between these two crypto trading platforms began last year when the Indian government went after WazirX, raided offices belonging to Zanmai (the exchange’s operator), and froze over $8 million in assets. Reports suggested that Binance had previously invested in the Indian company, refusing any other affiliation with it even though it is said to own at least some portion of it.
Ultimatum Given by Binance
In an effort to resolve this issue, CZ-led crypto giant has given an ultimatum to the operator of WazirX; they must withdraw all customer funds stored on its infrastructure and wallets before 3 February 2023 or else they will face consequences for their “false public statements” made against Binance related to its “alleged role in operating” WazirX.
False Public Statements
Binance believes that the operator of WazirX had made numerous false public statements about them in order for them to take responsibility for operating WazirX without any evidence or proof which could be used as leverage against them. They gave them an offer on 26 January 2023 which stated that if they retracted these false statements then they could continue using their services but if not they would have no choice but terminate their wallet service use instead.
It seems like there is no end in sight for this long drawn out spat between both parties involved ,unless either one decides to back down or make amends with each other before 3 February 2023 which appears unlikely at this point given their current stance towards each other .Only time will tell how this situation unfolds from hereon out .