CS Alarm WazirX

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WazirX Customers Experience Alarm After Binance’s CZ Requests Users Move Their Funds

CS Alarm WazirX
Image Credit: CRYPKYP
Source: CoinDesk
1659950923 08 Aug / 09:28

Changpeng "CZ" Zhao, CEO of the cryptocurrency exchange Binance, has incited fear among WazirX users. CZ stated that Binance might close the Indian cryptocurrency exchange and recommended its users move their assets to Binance.

In response to an investigation by Indian government officials, WazirX founder Nischal Shetty claimed that Binance controls the Indian exchange. CZ denied these assertions.

"Binance offers WazirX with wallet services. The domain name WazirX is transferred to our ownership. We were provided access to a shared AWS account. We could terminate WazirX. However, we cannot since it harms users," CZ sent a tweet. "If you have funds on WazirX, you must move them to Binance. As easy as that."

Users then swarmed its Telegram channel with questions about if this was real, the safety of their cash, and whether Binance would delist WRX.

WazirX answered on Telegram, “In light of recent developments involving WazirX, we wanted to tell you that activities are continuing as usual.”

The current WRX price on CoinMarketCap is $0.2476, a decrease of almost 11 percent from Friday.

WazirX Vice President Rajagopal Menon also attempted to allay concerns by declaring, “We are the only significant cryptocurrency exchange in India that permits entire withdrawals of cryptocurrencies, demonstrating our financial stability and sound business plan. Withdrawals in the Indian rupee (INR) are effective, and the company’s structural viability is unaffected. Users using cryptography are safe.”

The current WRX price on CoinMarketCap is $0.2476, a decrease of almost 11 percent from Friday.

On August 5, India’s Enforcement Directorate (ED) searched the residences of WazirX co-founder and director Sammer Mhatre. The homes were raided as part of an investigation into rapid lending app fraud, which the cryptocurrency platform allegedly “actively supported.”

WazirX is allegedly using Binance to conceal its transactions, according to India’s Ministry of Finance, which is also probing the exchange.

WazirX was thought to be owned by Binance. However, CZ disputed the notion on Twitter. “Binance does not hold shares in Zanmai Labs, the business that operates WazirX and is founded by the company’s founders,” Zhao explained. In a November 2019 blog post announcing the acquisition, CZ stated that the transaction was never finalized.

Nischal Shetty noted on Twitter that CZ was confounding the matter by referencing Zanmai Labs.

“Binance has purchased WazirX. Zanmai Labs is an India-based company owned by my co-founders and me. Binance has granted Zanmai Labs a license to conduct INR-crypto pairings on WazirX. Binance facilitates crypto-to-crypto exchanges and crypto withdrawals, “He sent a tweet.

According to him, Binance is the owner of the WazirX domain name, root access to its servers, all of its crypto assets, and all revenues.

He added, “Do not mistake Zanmai and WazirX.”

Binance had not responded to CoinDesk’s request for clarification at the time of publication.

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