Binance restricts wallet services support for Zanmai-run WazirX

The crypto community has been witnessing the ongoing debate between Zanmai and Binance. The public argument has triggered severe repercussions for the entity behind WazirX.

Binance recently decided to clarify the situation for every WazirX user. The latest post by the exchange talked about Binance stopping its wallet services for WazirX. The Zanmai-run exchange has lost the technological services offered by Binance.

Despite being known as the best crypto exchange in India, WazirX is set to suffer heavy damage from the announcement. According to Binance, it started with Zanmai making multiple misleading claims about the platform.

Zanmai stated that Binance allegedly played a role in operating WazirX. This false narrative misrepresented Binance as an entity that has control over WazirX user activity, operations, and user assets.

Binance has specified multiple times that it has only offered its technical solutions to WazirX. The platform has never controlled or managed WazirX’s activities, including user operations and assets. The renowned exchange has only offered a standard proposition to Zanami, enabling access to its infrastructure and technology to run their business. After this spat, many traders looked for a review of WazirX to better understand the exchange. 

The decision to stop Binance’s wallet support is in the interests of both Zanmai and Binance. It will restrict the former from making false narratives, preventing them from shifting their accountability.

The latest post by Binance confirms that the platform offered Zanmai a choice on January 26. The entity behind WazirX had to either retract its false public statement or terminate the use of its wallet service. As Zanmai failed to clarify the statements, the company had to remove their funds from Binance before February 3.

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Binance has assisted Zanmai in carrying out the procedure. In the end, Binance reaffirmed to users that these decisions will not impact businesses and organizations that use its wallet services.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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