WazirX Rejects Binance’s False & Misleading Allegations and Announces Legal Action

B. Ali
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WazirX, an Indian cryptocurrency exchange platform with a high trading volume, calls Binance’s allegations “false and misleading” and intends to take legal action. According to a blog post on February 7, 2023, Indian cryptocurrency exchange WazirX claimed that the allegations made by Binance in their blog are false and baseless.

It is worth noting that the conflict became public in August 2022 when Binance CEO Changpeng Zhao tweeted that Binance does not control WazirX, prompting WazirX co-founder Nischal Shetty to respond. According to Shetty, both sides have been holding private meetings to resolve the ownership dispute in the months since that time in order to prevent collateral harm from occurring to consumer funds.

WazirX Took Action

As we previously mentioned that Nischal Shetty, the creator of WazirX, claims that Binance and the Singapore-based Zanmai Laboratories of the WazirX exchange have been in secret discussions for months on how to resolve the ownership problem to avoid collateral harm. However, when Binance CEO Changpeng Zhao tweeted in August 2022 that Binance did not control WazirX, WazirX co-founder Nischal Shetty responded, exposing the talks and simmering disputes.

Investors in the WazirX exchange were more anxious on January 26 when Binance warned WazirX until February 3 to stop using its wallets or recant what it believed to be a false and misleading story.

Investors’ Fears Over WazirX Have Subsided

Investors in WazirX were relieved of their concerns on February 3 when Binance said in a blog post that it was creating an exception and allowing WazirX to come up with plans to remove any residual assets in the proper accounts.

Since WazirX revealed that 90% of its user assets are placed in Binance wallets, the problem seemingly put an end to concerns over what would happen to client monies if Binance and WazirX stopped their partnership.

WazirX later said on February 3 that the process of transferring assets to multi-signature wallets had begun and that it will be completed shortly. WazirX wrote in a blog post on Tuesday that its users shouldn’t be concerned by Binance’s statement because it seems like the money transfer procedure is finished.

Its announcements were intended to allay investors’ concerns and give them the impression that Binance was not controlling the major Indian exchange, as had been previously speculated.

The WazirX management also reaffirmed its dedication to continuing to uphold current, industry-leading standards whenever it departs from Binance.

 

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.