The Indian exchange WazirX has stepped its beef with Binance, calling recent statements false and misleading.
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.
📢 We have initiated the process of transferring assets to multi-sig wallets, which we expect to be fully completed within the next few hours.— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) February 3, 2023
Users can continue to trade, deposit & withdraw funds as usual. Your funds are safe with us 🙏
Today, WazirX released a statement calling the allegations against it “false and misleading.” The firm assured users not to be concerned about Binance’s announcements. The statement further reads, “As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.”
Is Binance Trying to Neutralize Competitors?
WazirX is one of the largest exchanges in India, with crypto holdings worth over $243.32 million. Hence, some Twitter users speculate that Binance will enter the Indian market by neutralizing its competitors.
However, Changpeng Zhao believes India is unsuitable for further developments due to its hostile approach toward cryptocurrencies.