Binance, the world’s largest cryptocurrency exchange, announced in a press release on August 8 that it will suspend off-chain transfers of funds between Binance and WazirX. The following action will take place on August 11 at 03:00 UTC.
Binance will end the off-chain fund transfer feature through “Login with Binance”, but users can still use the standard features like withdrawal and deposit processes to withdraw and deposit funds.
Recently, India’s Enforcement Directorate took action against Zanmai Labs, which raises the ongoing controversy behind the ownership of crypto exchange WazirX.
In this matter, Binance CEO “CZ ” had previously given his clarification that Binance didn’t have any stake in the parent company of WazirX. On the other hand, Zanmai Labs’ owners in their statement said they did have a deal with Binance in 2019.
In order to give more strength to the company’s stance and to stand tall in users’ trust, the top crypto exchange, Binance, announces plans to remove off-chain fund transfer channels.
Notably, there are already Chinese whispers among users that Binance manages the fund deposit on WazirX.
Binance stated on its website that “it will support the current investigation by Indian regulators and affirmed the exchange will keep the policymakers, regulators and law enforcement authorities at the forefront to establish a global regulatory framework for the crypto industry.”
Moreover, Binance requests its clients to transfer and withdraw the funds from the WazirX exchange to Binance’s other wallets, respectively. Additionally, the crypto exchange blames WazirX for being uncooperative with Binance and law enforcement authorities.
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