WazirX exchange ownership controversy between Binance & WazirX CEO resulted in negative results for the WazirX & Binance users.
Binance is a popular first ranked crypto exchange in the crypto industry, which doesn’t need any kind of introduction. Just a couple of years ago, Binance acquired the Indian crypto exchange WazirX. According to Binance CEO Changpeng Zhao, the WazirX team didn’t transfer all the control system & WazirX source code to Binance except AWS login & domain name.
On 6 to 7 August, Wazirx co-founder Nischal Shetty and Binance CEO Zhao talked about these things. In short, the Wazirx co-founder claimed that the WazirX exchange is fully under the ownership of Binance exchange but Binance CEO claimed that WazirX is not under the control of Binance because the WazirX team refused to transfer all the control systems.
Now, the result of these debates can be seen on the Binance exchange as well as the Wazirx exchange. Earlier today, Binance & WazirX exchanges were allowing customers to transfer crypto assets in between the exchanges at very low fees.
Today, WazirX users found that they are not able to transfer their crypto assets to the Binance exchange.
WazirX team announced through the Telegram channel that all operations are going very well across the Wazirx exchange. Indirectly WazirX exchange confirmed that WazirX stopped its support for Binance or vice versa.
At moment, WazirX users can transfer Binance coin (BNB), native token of Binance exchange, from WazirX to Binance but not other coins.
Binance exchange removed Wazirx off-chain withdrawal support directly.
However these things can be seen on both exchanges but in reality, both of the exchanges have not yet announced about such steps..
Indian agency’s action on WazirX
At present, the Wazirx exchange is under the investigation of the Indian investigation agency ED because of its involvement in money laundering with Chinese companies.
Telegram channel’s comment discussion confirmed that some users misused the Wazirx exchange to Launder Money and in that situation, Wazirx failed to catch those illegal activities.
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