• Binance released a post on Feb 3 stating that it is severing ties with the Indian cryptocurrency exchange WazirX, giving them until the end of the day UTC to withdraw funds from their Binance wallets
• This comes after WazirX revealed that 90% of their users‘ funds were stored in Binance wallets and the remaining 10% were in cold storage
• The move was made following recent accusations from Indian authorities, accusing WazirX of aiding money laundering for around $130 million
Binance Severs Ties With Indian Crypto Exchange WazirX
According to an announcement from global cryptocurrency exchange Binance, it will be banning Zanmai, the operator behind the Indian cryptocurrency exchange WazirX. On Feb. 3, 2021, Binance released a blog post acknowledging the ongoing “public debate” between it and Zanmai regarding claims of its involvement in running WazirX.
Ultimatum Given To Retract Statements Or Terminate Usage
Binance had given WazirX an ultimatum on Jan. 26—retract its statements or terminate usage of its wallet services. As no retraction was made, WazirX has been given until Feb. 3, 2023 23:59 UTC to remove all funds from accounts used for operational purposes.
90% Of Funds Stored In Binance Wallets
At the time of writing, there are still funds remaining in Binance wallets used by WazirX for operational purposes. This issue arose less than a month ago when it was revealed that 90% of users’ funds were stored in Binance wallets while the other 10% was stored in cold storage.
Accusations From Indian Authorities
WazirX being India’s largest crypto exchange has found itself embroiled with local authorities over accusations that it aided money laundering for around $130 million.
Conclusion
The situation between global cryptocurrency exchange Binance and Zanmai continues as a new blog post states that Binance is severing ties with Zanmai’s Indian crypto exchange WazirX. The move follows recent accusations from Indian authorities and gives Zanmai until Feb 03 2023 to remove remaining funds stored within its accounts used for operations.