Binance Allegations False And Unsubstantiated: WazirX

Crypto exchange WazirX on Wednesday told its users that they do not have to concerned by Binance’s announcement last week and allegations made by Binance in their blog are “false and unsubstantiated”.

Zanmai-owned WazirX informed its users through a blog that it has made arrangements to ensure that the digital assets in the exchange are stored in accordance with industry-leading standards.

“Users can continue to trade, deposit, and withdraw their funds as usual,” WazirX said.

Last week, crypto behemoth Binance announced that WazirX can longer use its wallet service as it had failed to clarify on statements made over its association with the former.

In a blog post, Binance said that WazirX-owner Zanmai had made a series of misleading claims related to Binance’s alleged role in and responsibility for operating the WazirX exchange. The company emphasised that Zanmai put forth a “false and misleading narrative” to the public and misrepresented Binance as maintaining control over WazirX users’ assets, user activity, and the platform’s operations.

The Changpeng Zhao-led company maintained that it just provided Zanmai wallet services as a tech solution for the operations of the WazirX exchange. 

“Binance has never managed or controlled WazirX’s operations, including in relation to users’ assets and user activity. Our provision of wallet services to Zanmai was not unique –  it was similar to arrangements we have with numerous other firms that use our technology and infrastructure to independently run their businesses,” Binance had said.

The crypto giant had said that it invited Zanmai to make arrangements to withdraw any remaining assets in the relevant accounts after 3 February. But it is unclear if WazirX worked with Binance to sort of the issue.