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.

At the time of this publication, according to Binance, Zanmai Labs had not completely withdrawn all of the assets stored in the Binance wallet that was being utilized for WazirX activities.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.

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