Binance to cease off-chain transfers for WazirX

Binance is announced will stop supporting off-chain fund transfers to and from WazirX on August 11th.

WazirX platform users cannot transfer funds to Binance using the Login with Binance option. Instead, you should complete your transaction using the standard withdrawal and deposit process.

Binance is moving away from an ongoing investigation into WazirX’s parent company, Zanmai Labs Pvt Ltd.

A growing feud between Binance and WazirX

The relationship between Binance and WazirX has remained unchanged since ED launched an investigation into WazirX for allegedly facilitating money laundering activities. As a result, his $8 million belonging to the exchange was frozen.

The WazirX investigation received a lot of media attention as it was linked as a Binance-owned exchange that was supposedly purchased in 2019. CEO of Binance Zhao Changpeng Binance recently denied claims that it owns the exchange.

A quick thread on Binance and WazirX, and some false reports.

Binance does not own any stake in Zanmai Labs, the entity that operates WazirX and was founded by the original founders.

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CZ Binance (@cz_binance) August 5, 2022

He said the process of acquiring Binance has not been completed since 2019. WazirX has integrated his wallet with Binance, allowing users to make off-chain transfers between exchanges, saving network fees. CZ advised that the WazirX user should transfer his funds to Binance, as the WazirX wallet can be deactivated at any time.

In public struggle WazirX founder Nischal Shetty has presented claims claiming that Binance bought and owns the exchange.

1/ Facts about WazirX and Binance:

Binance Acquires WazirX

Zanmai Labs is an Indian corporation owned by me and my co-founders.

Zanmai Labs Gets License From Binance To Operate INR-Crypto Pairs On WazirX

Binance operates cryptocurrency pairs and processes cryptocurrency withdrawals

Nischal (Shardeum) (@NischalShetty) August 5, 2022