WazirX Accuses Binance of Spreading False Claims as Tussle Between Crypto Firms Intensifies

The feud between these two crypto exchanges has been going on since August last year.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 8 February 2023 18:01 IST

WazirX Accuses Binance of Spreading False Claims as Tussle Between Crypto Firms Intensifies

Photo Credit: WazirX

For WazirX, Binance has been in the wrong since it denied owning the former last year

Highlights

Binance claimed to have bought WazirX, but denied last year
The denial has stirred a tussle between the two exchanges
While Binance is an international exchange, WazirX is popular in India

Binance and WazirX's ongoing corporate battle has taken a swing towards a new dramatic controversy this week. WazirX on Wednesday, February 8, accused Binance of spreading false and misleading information against it in the market. The development comes just some days after Binance said it has cut-off its ties with WazirX citing unfulfillment of desired negotiations from WazirX's end as the primary reason. The feud between these two crypto exchanges has been going on since August last year and is only intensifying with time.

“WazirX users do not have to be concerned about Binance's announcement. Users can continue to trade, deposit, and withdraw their funds as usual,” Binance, on February 3, published a blog post saying that it had decided to ban WazirX from using its services.

Binance has alleged that its ultimatum to WazirX to retract its statements have gone unanswered, leading it to sever all ties with the latter.

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“Zanmai has made a series of misleading claims related to Binance's alleged role in and responsibility for operating the WazirX exchange. The false and misleading narrative put forth to the public misrepresented Binance as maintaining control over WazirX users' assets, user activity, and the platform's operations. The reality is that Binance provided Zanmai wallet services only as a tech solution for their operations of the WazirX exchange. Binance has never managed or controlled WazirX's operations, including in relation to users' assets and user activity,” Binance said in its post.

As for WazirX, Binance has been in the wrong since it denied owning the former.

Binance had claimed in a November 2019 blog that it had acquired WazirX. Last year, however, Zhao claimed that the transaction of acquiring Wazirx “was never completed”.

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This development unfolded into a series of arguments exchanged between the honchos of both the exchanges on Twitter.

WazirX has hit back at Binance saying, “The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance's actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.”

In January this year, WazirX announced this week that it holds $285 million (roughly Rs. 2,320 crore) in its reserves. At the time, it came to light that of the total user assets, around 92 percent are held on Binance wallets, making for $259.07 million (roughly Rs. 2,120 crore).

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Further reading: Cryptocurrency, WazirX, Binance, False Lies, Crypto Firms

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More