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Binance Terminates Ties With WazirX, ceases offering wallet services

Binance Terminates Ties With WazirX, ceases offering wallet services

Key takeaways:




Wazirx, an Indian cryptocurrency exchange, can no longer use Binance wallet services, according to a statement from Binance.





According to Binance, Zanmai’s refusal to retract inaccurate statements regarding its relationship with the larger firm is what caused the situation to escalate.




Binance will cease providing WazirX with its wallet and other technical services, increasing hostilities with the Indian cryptocurrency exchange it originally sought to purchase.



Zanmai Labs was asked by Binance to withdraw all of its money from the WazirX accounts. The argument began with the latter’s assertion that Binance operates WazirX.



The Indian company had not fully removed assets held in the Binance wallets that it uses for Wazirx’s activities” at the time of its announcement, according to Binance, even though Zanmai has expressed its intent to remove money from the appropriate accounts.



In the most recent development in a protracted conflict between the two businesses over their connection, WazirX announced it was moving funds held with Binance for its operations to other wallets after Binance indicated it was discontinuing the service. WazirX said that the money transfer process was underway and that it would be finished in a matter of hours.



The message stated, “Users can continue to trade, deposit, and withdraw funds as usual.” “Your money is secure with us,” The sum of the transferred money wasn’t made public.





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