The Binance Wallet Contains 90% Of WazirX User Assets

Key Points:

• The Binance wallet holds around 92% of the total, or $259.07 million, with the remaining $26.45 million held in other exchanges.
• Binance’s CEO disclosed that while he had committed to invest in Zanmai Labs, the company behind WazirX, the share transfer was never completed.
• Binance now holds nearly 19% of WazirX customer assets as SHIB, along with 9.37% ETH and 8.28% BTC.

WazirX, an Indian cryptocurrency exchange, has issued its Proof-of-Reverse report, which includes the very shocking information that 90% of customer assets are kept in Binance wallets.

The exchange has a total cash worth of $285 million, according to CoinGabbar, a crypto asset tracking platform and WazirX PoR publisher. About 92% of total, or $259.07 million, is held in the Binance wallet, with the remaining $26.45 million held in other exchanges.

This statement is significant because, in August 2022, co-founder Nischal Shetty and CEO Changpeng Zhao engaged in a public Twitter spat over who controls WazirX. In particular, WazirX was bought by Binance in 2019. By August 2022, Mr. Changpeng Zhao stirred uproar with the surprising declaration that “Binance has never acquired WazirX”.

As a result, CZ revealed that he had agreed to invest in Zanmai Labs, but that the share transfer was never completed. WazirX has merely turned up the domain name and access to the AWS server, according to CZ’s statement, adding that the exchange has no authority over registration, KYC, or withdrawals.

Vice president Rajagopal Menon commented on the amount of WazirX reserves in the Binance wallet.

“The holdings in Binance sub-accounts belong to WazirX but are held by Binance,” said Sudeep Saxena, co-founder of CoinGabbar. Binance’s adherence to the reserve is required for these monies to be valid. The ones we have documented have proof of reserve, just like other exchanges like as CoinDCX and SunCrypto.”

“Binance is trusted to deliver wallet services as a technology solution for numerous enterprises,” stated a spokeswoman for the company. The platform’s Binance account will be controlled and operated by Zanmai, who employs our wallet service for WazirX activities.”

Following the thread of the story, it can be seen that Binance continues to disassociate and disclaim liability from this platform, the exchange whose assets were frozen by Indian authorities as part of an investigation into money laundering charges. When it comes to regulating operations, it chose to communicate with the firm’s parent company Zanmai.

Binance currently holds almost 19% of this Indian platform’s customer funds as SHIB, with 9.37% ETH and 8.28% BTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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