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Binance could shut down WazirX :Changpeng Zhao

Changpeng Zhao, the CEO of Binance, has urged investors to move their funds from WazirX to Binance. He also stressed that Binance could shut down WazirX crypto exchange.

Binance could shut down WazirX :Changpeng Zhao
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Binance could shut down WazirX :Changpeng Zhao

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Changpeng Zhao, the CEO of Binance, has urged investors to move their funds from WazirX to Binance. He also stressed that Binance could shut down WazirX crypto exchange.

Despite the ongoing controversy, WazirX exchange told that deposits and withdrawals on the exchange are working as usual and the exchange would act in the best interest of its users. They said, "We would like to state that currently deposits and withdrawals are working as usual. We are evaluating our further plan of action and will always act in the best interest of users.

Zhao and Nischal Shetty, the co-founder of WazirX crypto exchange, kept bickering over Twitter through the night. Shetty claimed that 'WazirX was acquired by Binance'. To this Zhao replied in a tweet that Binance only provides wallet services to WazirX. He stressed that the WazirX domain was transferred to Binance and they have shared access to an Amazon Web Services account but they do not have access to KYC data.

Binance does NOT have control on operations including "user sign-up, KYC, trading and initiating withdrawals", as stated earlier. WazirX's founding team controls that. This was never transferred, despite our requests. The deal was never closed. No share xfers.

The WazirX-Binance feud was sparked after Zhao took to Twitter on Friday evening to say, "Binance published a blog post that it had "acquired" WazirX. This transaction was never completed."

Zhao also said that his exchange would comply with the Enforcement Directorate of India. The ED has been investigating WazirX exchange in connection with a case of money laundering via cryptocurrencies.

The exchange disagrees with the allegations put forth by ED. They told Business Today, "We have been fully cooperating with the Enforcement Directorate(ED) for several days and have responded to all their queries fully and transparently. We do not agree with the allegations in the ED press release. We are evaluating our further plan of action."

Dwaipayan Bhattacharjee
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