WazirX and Binance have been involved in the public debate over the ownership of the former since Aug. Nischal Shetty, the co-founder of the Indian exchange, claims that Binance acquired WazirX. Whereas Changpeng Zhao, the exchange’s co-founder, has refuted the claims.
Last week, Binance announced that it would terminate the wallet services to WazirX and cut all ties with the Indian exchange. The company made this decision after WazirX declined to retract its statements on the ownership of the exchange.
WazirX Plans to Tackle Binance Head On
This announcement sparked panic among the crypto exchange users as the exchange stored 90% of its assets on Binance. The community questioned whether the funds were safe with WazirX.
Later, the Nischal Shetty-led exchange cleared the air by announcing that they were transferring assets to multisig wallets. The tweet clarified that users’ funds were safe with WazirX.