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Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance mentioned that customers who have crypto on WazirX should transfer it to the Binance platform.
In a tweet he said that
If you have money in WazirX, you should transfer it to Binance. So simple. We could disable WazirX wallets on a technological level, but we can’t/won’t do that. And no matter how much talk we put up with, we can’t/won’t hurt users.
This news was followed by the Enforcement Directorate (ED), India’s law enforcement agency notifying that WazirX’s assets had been frozen. WazirX has been linked to the world’s largest crypto exchange Binance. This investigation was carried out as WazirX was suspected of violating foreign exchange regulations.
After WazirX issued a statement on Twitter regarding the deactivation of WazirX wallets, there were several statements from the CEO of Binance and the founder of WazirX regarding whether Binance had required WazirX. This has also intensified the conflict between Binance and WazirX.
Crypto Exchange WazirX evaluating its action plan
WazirX had disputed the allegations made by the ED in a press release. Crypto exchange WazirX is currently working on its next plan of action. The Enforcement Directorate had seized assets worth $8.15 million (₹646.70 million).
A spokesperson for WazirX said,
We have been fully cooperating with the Enforcement Directorate for several days and have answered all their questions fully and transparently, we do not agree with the allegations in the ED press release. We are evaluating our further action plan.
Binance’s CEO was quick to issue a statement denying that the company had acquired WazirX nearly three years after WazirX and Binance announced the acquisition. CZ had claimed that the acquisition of WazirX was never completed.”
Nischal Shetty, founder of WazirX, however, disagreed and stated that this exchange was acquired by Binance.
Nischal Shetty also tweeted that Binance owns the WazirX domain name, with root access to Amazon AWS web hosting servers, owns all crypto assets and also receives the crypto profits.
Binance Clarification on Tweet Posted by WazirX
Changpeng Zhao in response to Nischal Twetty’s tweet, said:
Wazirx’s founding team retained control of the platform’s operations. We (Binance) were never given any data or user verification, KYC etc.
In addition, Zhao also pointed out,
We do NOT control the trading system. You have just given the AWS connection, no source code, no development capability. You also retained access to your AWS account, source code, development, etc.
A series of tweets followed another tweet where CZ called WazirX “uncooperative”. He also mentioned that just because WazirX was not interoperable with Binance in the same way, the exchange might not be interoperable with ED as well.
In response to the ED’s inquiry, Nischal Shetty tweeted that Zanmai Labs, the entity that owns WazirX “has been cooperating with the ED for more than 7 days and has submitted all the required data”.
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