WazirX Slams Binance Allegations as "False and Unsubstantiated"

WazirX Slams Binance Allegations as "False and Unsubstantiated"

The popular Indian crypto exchange WazirX has denied all allegations made by Binance about the affiliation between the two exchanges. WazirX has denied all the allegations as "false and unsubstantiated" and added, "As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights."

WazirX Calls Allegations "False and Misleading"

WazirX has called the allegations by Binance about the business relationship with Zanmai Labs, the entity that operates the Indian crypto exchange, "false" and "misleading." The company added that it is seeking legal recourse.

The WazirX official website mentioned:

"The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights."

The global cryptocurrency exchange has accused Zanmai of making "a series of misleading claims related to Binance’s alleged role in and responsibility for operating the Wazirx exchange." Binance stated on Friday, February 3, that "the false and misleading narrative put forth to the public misrepresented Binance as maintaining control over Wazirx users’ assets, user activity, and the platform’s operations."

The Binance announcement followed a public dispute between the two crypto exchanges. Wazirx founder Nischal Shetty insisted in August last year that Wazirx was owned and controlled by Binance. "Zanmai Labs has a license from Binance to operate INR-crypto pairs in Wazirx... Binance operates crypto-to-crypto pairs and processes crypto withdrawals," he tweeted.

Wazirx Assures Users

The Indian crypto exchange also assured its users regarding Binance’s announcement that Wazirx can no longer use Binance’s wallet services. WazirX has assured the users that they "can continue to trade, deposit, and withdraw their funds as usual."

Wazirx said users need not be concerned about the Binance announcement. The exchange has made adequate arrangements to ensure that the WazirX digital assets are stored according to industry-leading standards.

What is your take on the dispute between Wazirx and Binance? Please post your comments.