Binance CEO Urges To Move Funds From WazirX To Binance

TL;DR Breakdown
  • There have been some unexpected tweets from Binance CEO CZ.
  • In the recent tweets he targeted crypto exchange WazirX.
  • The Tweets urged users to draw their funds from WazirX to his company’s wallets.

Twitter users were surprised to say the least when the founders of the crypto exchanges made some unexpected tweets. The CEO of Binance, Changpeng Zhao, while stressing that his company could shut down WazirX crypto exchange, also urged investors to move their funds from WazirX to Binance.

Zhao in his tweet stated that “We could disable WazirX wallets on a tech level, but we can’t/won’t do that”. He took the opportunity to point out that his company won’t hurt users. Nonetheless, Zhao instructed users who have funds on WazirX to “transfer it Binance”.
Even with all the controversy surrounding WazirX, it appears that withdrawals and deposits with the crypto exchange are still working just fine. Both the crypto exchanges claim to be acting in the best interest of their users.

WazirX has faced much problems recently as the market remains untoward for it. The ongoing changes regarding crypto in India and the lowered capital influx has brought it to a difficult situation.

More Of What Happened On Twitter

The Binance and WazirX dispute caught fire when on Friday evening Zhao tweeted that “Binance published a blog post that it had ‘acquired’ WazirX. This transaction was never completed”.

The co-founder of WazirX, Nischal Shetty, and Zhao squabbled over Twitter while crypto enthusiasts kept a close watch. Shetty stated in one of his tweets that Binance had acquired WazirX crypto exchange.

However, Zhao replied to this through a tweet where he stated that his company only provides wallet services to WazirX. He further stated that the WazirX domain was transferred to his company’s control and they have shared access to an Amazon Web Services account.

Binance and Twitter controversy

However, Zhao claims that his company does not have control over operations like user sign-up, trading, initiating withdrawals and KYC data. According to the CEO of Binance, WazirX’s founding team has control over these things and none of this was ever transferred, despite requests from his company. As reported by Zhao, the deal was never completed.

To this tweet by the CEO of Binance, Shetty replied and did not hesitate to ask if Binance is open to closing the deal by acquiring Zanmai Labs Private Limited, which is the parent company of WazirX. The co-founder of WazirX tweeted:

Binance CEO Urges To Move Funds From WazirX To Binance 1

Zhao seemed fairly confident when he said that his exchange would comply with the Enforcement Directorate of India. WazirX is part of an ongoing investigation by the Enforcement Directorate (ED). The crypto exchange might or might not be connected with a case of money laundering through crypto assets.
However, WazirX does not agree with the allegations put forward by the Enforcement Directorate. WazirX expressed that they have been cooperating with ED and responded to all their questions and concerns completely and transparently.

In the past, Binance has been under such attacks as well. While WazirX made it clear that they disagreed with such serious allegations, they pointed out that they are evaluating a further plan of action.

Haseeb Shaheen

Haseeb Shaheen

As a Web Researcher and Internet Marketer, Haseeb Shaheen delivers relevant valuable content for audiences. He focuses on financial and crypto market analysis, as well as technology-related areas that help people change their lives.

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