• Wazirx, an Indian crypto exchange, has denied allegations made by Binance regarding their relationship.
• Wazirx stated that the allegations are false and unsubstantiated and is seeking recourse.
• Binance accused Zanmai of making misleading claims to the public about its alleged role in operating Wazirx.
Binance Accuses Indian Crypto Exchange Wazirx of Misleading Claims
Binance, one of the largest global cryptocurrency exchanges, recently accused Indian crypto exchange Wazirx of making a series of misleading claims related to its alleged role in operating the platform.
Wazirx Denies Allegations
In response, Wazirx has denied these allegations and stated that they are “false and unsubstantiated”. The company also emphasized that it is taking necessary steps to seek recourse and protect its legal rights.
Background to Dispute
The dispute between the two crypto exchanges began when Nischal Shetty, founder of Wazirx, tweeted in August 2020 that his exchange was owned and controlled by Binance. He claimed that Zanmai Labs had a license from Binance to operate INR-crypto pairs on Wazirx while Binance would process crypto withdrawals for them.
In response to these claims, Binance released a statement on February 3rd alleging misleading public statements by Zanmai regarding their role in running the exchange. The statement further suggested that such misrepresentation falsely put forth Binance as maintaining control over user assets, activity and operations on Wazirx.
Wazirexusers do not have to be concerned about any changes due to this announcement as the company has assured users that they can continue trading, depositing or withdrawing funds as usual with industry-leading standards being followed for storage of digital assets.