Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the accusations “are false and unsubstantiated,” Wazirx emphasized. “In regards to Binance shares, we are taking the necessary steps to seek remedies and protect our legal rights.”
Wazirx says Binance’s allegations are “false and unsubstantiated”
Wazirx said on Tuesday that Binance’s allegations about its relationship with Zanmai Labs, purportedly the entity that operates the Indian crypto exchange, are “false” and “misleading.” The company added that it is seeking a resource.
Wazirx wrote on his website:
The accusations made by Binance on its blog are false and unsubstantiated. As far as Binance shares are concerned, we are taking the necessary steps to seek remedies and protect our legal rights.
The global cryptocurrency exchange accused Zanmai of making “a series of misleading claims related to Binance’s alleged role and responsibility in the operation of the Wazirx exchange.” Binance said on Friday, February 3: “The false and misleading narrative presented to the public misrepresented Binance as maintaining control over Wazirx user assets, user activity, and platform operations.”
Binance’s announcement followed a public dispute between the two cryptocurrency exchanges. In August last year, Wazirx founder Nischal Shetty insisted that Wazirx is owned and controlled by Binance. “Zanmai Labs has (a) license from Binance to trade INR crypto pairs on Wazirx…Binance trades crypto-to-crypto pairs, processes crypto withdrawal,” he said. tweeted.
Wazirx assures users
The Indian crypto exchange also assured its users regarding Binance’s announcement that Wazirx can no longer use Binance wallet services. Emphasizing that users “can continue to trade, deposit and withdraw their funds as usual,” Wazirx emphasized:
Wazirx users do not have to worry about the Binance announcement. We have made arrangements to ensure that Wazirx digital assets are stored in accordance with leading industry standards.
What do you think about the dispute between Wazirx and Binance? Let us know in the comments section.
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