Tuesday, December 6, 2022
HomeTechnologyWazirX vs Binance: WazirX announces changes following Binance halted off-chain fund transfer

WazirX vs Binance: WazirX announces changes following Binance halted off-chain fund transfer

The Indian exchange released a statement in response to Binance's announcement that it was ending its off-chain fund transfer route with WazirX.

The saga between WazirX and Binance continues as the Enforcement Directorate (ED) raided the Indian exchange for money laundering activities. Last week, both exchanges’ founders had a spat on Twitter over WazirX ownership. Changpeng Zhao (CZ), the founder of Binance, claims that WazirX’s registration, KYC, and trading procedures are unaffected by Binance. Binance revealed in a press release on August 8 that it will stop allowing funds to be transferred off-chain between Binance and WazirX from August 11 at 3:00 UTC.

The Indian exchange released a statement in reaction to Binance’s announcement that it will no longer use WazirX for off-chain fund transfers. WazirX has changed the following things in light of the recent halt and Binance’s announcement on August 10:

  • WazirX will no longer enable off-chain fund transfers between WazirX and Binance using the “Login with Binance” option as of August 11 at 7:30 AM IST.
  • The typical on-chain withdrawal and deposit methods will still be available to users in order to deposit and withdraw money.
  • By selecting the “Forgot Password” option to reset their password and using the same email as the one on their Binance account, users who log in via Binance may continue to use the WazirX exchange.
  • WazirX will keep looking for new possibilities to broaden the range of on-chain deposits and withdrawals.

ED claimed that WazirX helped fast lending applications launder illegal money. It claimed that crypto assets were used to transfer the payments. In its most recent statement on August 9, WazirX management emphasised its continuous support for the Indian government. Contrary to popular belief, Binance CEO CZ said that WazirX was never a part of the company immediately after ED searches began on the site. “ED appears to be looking into particular users’ activities, but Zanmai Labs has no connection to these individuals and is not aware of the motivation behind their transactions. Zanmai Labs is in this scenario, just like any other intermediary whose network may have been misused.

Due to concerns about money laundering, the country’s Enforcement Directorate (ED) searched a WazirX office last week. More than Rs 64.67 crores (or $8.13 million) in funds from WazirX bank accounts were seized. WazirX did, however, make it clear that it was prepared to provide law enforcement authorities with complete information on the accounts implicated in the payments.

Read more on Cryptoshrypto:

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

twenty − thirteen =

- Advertisment -

Most Popular