WazirX: Binance Controls 580.78 Million WRX Tokens

Key Points:

• WazirX revealed Binance’s connection to the exchange’s WRX token in an announcement on the exchange’s official Twitter account.
• Binance presently has a total of 580.78 million locked and unlocked WRX tokens, according to a series of wallet address lists given by the site.

WazirX reignited its “war of words” with Binance by revealing that the world’s largest crypto exchange is in charge of WRX token burning and allocation.

In August 2022, the “controversy” between the two exchanges began. The Federal Enforcement Administration (ED) of India confiscated WazirX’s assets on August 5, 2022, for allegedly assisting “money laundering” for 16 fintech companies. On August 5, 2022, Binance CEO Changpeng Zhao (CZ) claims that “Binance has never acquired WazirX,” despite Binance’s blog announcing the acquisition since the end of 2019.

At 12:00 on August 6, 2022, the platform creator Nischal Shetty rejected Changpeng Zhao’s claims. Binance’s CEO tweets that “Binance does not own any stake in Zanmai Labs, which operates WazirX.” Since Binance acquired this exchange in 2019, Zanmai Labs reports that 90% of user assets are in their wallets. Trading fees are Binance’s main source of revenue.

On February 3, 2023, Binance formally discontinued WazirX wallet services and requested that the Indian partner withdraw currency from its platform. Since then, Binance has distanced itself from WazirX and changed the preceding purchase blog to indicate Binance “only buys certain intellectual property” from WazirX.

As a result, The exchange claims that Binance controls the wallets containing WRX tokens that have been locked since the WazirX IEO Launchpad in early 2020, with a value of 108,401 BNB (equal to 2 million USD), and also oversees the wallets with scheduled allocations. WRX tokens must be paid. WazirX has given a series of wallet address lists that show Binance presently possesses 580.78 million locked and unlocked WRX tokens.

The platform supplied transactions in which Binance sent 116.8 million WRX tokens (11.68% of total supply) to the treasury account on binance.com, with four transactions each day. different from the amount of tokens that have been unlocked.

WazirX, on the other hand, stated that it did not get any token allocation and that Binance is in charge of the quarterly WRX token burn. Notably, since January 2022, this prominent exchange has not performed a token burn.

Binance’s most recent burn event occurred in Q4/2021, from October to December, with 9,633,333 WRX tokens burned, equivalent to $6 million USD. From January 2022 through March 2023, the exchange will continue to give full information on the stages of unstaged token burning.

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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