News

Binance Requires WazirX To Withdraw All User Funds From The Exchange

Key Points:
  • Users of the WazirX exchange, which is operated by Zanmai Labs, are no longer able to make use of the Binance wallet services after the company declared that it will discontinue supplying wallets and other relevant technical services.
  • Binance has stated that it is still eager to collaborate with Zanmai Labs in order to guarantee that withdrawals go without any problems and do not compromise the interests of WazirX users.
Users of the WazirX exchange, which is operated by Zanmai Labs, are no longer able to make use of the Binance wallet services after it was revealed on February 3 that the platform has terminated its provision of wallets and other associated technical services to the company.
Binance Requires WazirX To Withdraw All User Funds From The ExchangeBinance Requires WazirX To Withdraw All User Funds From The Exchange

At the time of this publication, according to Binance, Zanmai Labs had not completely withdrawn all of the assets stored in the Binance wallet that was being utilized for WazirX activities. In addition, the platform noted that this action would not have any effect on their users, including businesses and organizations who make use of the Wallet services. According to the statement, the company has never handled or controlled WazirX’s operations in any capacity, including those relating to user assets and user actions.

The platform asserts that it does not have the authority to exert any kind of control over the activities of WazirX or any other component of the platform, and instead it provides crypto wallet services and technology to Zanmai Labs.

However, Zanmai Labs asserts that this platform has been the dominant player in WazirX ever since the two reached a buyback agreement in 2019, and that the majority of WazirX user funds are stored in Binance wallets. Most of its income comes from the fees associated with trading.

Binance decided to stop providing service support for Zanmai Labs on February 3, after the company was unable to request WazirX to retract the statements that Binance claimed were “falsified.” The platform also ordered the unit to withdraw all of the funds that belonged to WazirX users who had stored on Binance.

They also stated that it is still eager to collaborate with Zanmai Labs in order to guarantee that withdrawals go without any problems and do not compromise the interests of WazirX users. Regarding the revelation that Binance would be discontinuing its services, WazirX has not yet issued a remark.

In January 2023, WazirX made the claim that 90% of their customers’ funds were stored in Binance wallets, which had a combined worth of roughly $260 million at the time.

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.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

Solayer 2025 Roadmap Reveals Revolutionary InfiniSVM Blockchain Technology

Solayer, the innovative re-staking platform for the Solana network, has officially released its highly anticipated…

32 minutes ago

Babylon Phase 2 Testnet Launch Set for January 8, 2025

Babylon is excited to announce the launch of the Babylon Phase 2 testnet on Wednesday,…

1 hour ago

Best New Meme Coins to Invest in Today: BTFD’S Bulls Squad Turns Heads as DOGE and DEG Stand Out for Impeccable Utility

Discover why BTFD Coin, Dogecoin, and Degen are the best new meme coins to invest…

1 hour ago

Crypto AI Sector Will Lead the Altcoin Season, PCHAIN Targets Whooping 89,499% Run 

Crypto AI was the most profitable narrative in 2024. With the same pattern set to…

3 hours ago

Hot Altcoins to Hold Today: Qubetics ($TICS)’ Path to $15 and a Growing Base of 13,500 Holders, SEI’s Trading at $0.454, and Immutable X’s NFT Dominance

Dive into hot altcoins to hold today, including Qubetics ($TICS) and its groundbreaking presale, SEI’s…

3 hours ago

Top New Meme Coins with 1000X Potential: BTFD Presale Crosses $5M, BOME’s Market Cap Hits $469.5M, and Notcoin Gains 5.89% This Week

Discover the top new meme coins with 1000X potential! BTFD Coin’s presale surpasses $5M, BOME’s…

4 hours ago