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Binance Asks WazirX Customers To Move Funds Amidst Fallout With The Firm

Binance
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Crypto exchange Binance has informed customers of WazirX, its estranged partner, to move their funds to its platform. The crypto exchange says it will stop off-chain fund transfers for WazirX customers.

Chief Communications Officer of Binance, Patrick Hillmann, stated that the crypto exchanges aim to protect customers’ interests by permitting them to move their funds to the platform.

The company also stated that the “Login with Binance” option which supports off-chain transfers will be suspended on the platform on August 11.

The exchange And WazirX Disagree Over Ownership

The service provides an easier way for the customers of WazirX to move their funds from the Indian-based platform to Binance in real-time without any transaction fees.

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However, the exchange explained that it is not completely ending the partnership it has with WazirX. As a result, customers can still deposit or withdraw balances through the normal withdrawal methods. The announcement is coming following the disagreements between Binance and WazirX on the ownership of the Indian firm.

While both companies announced an acquisition deal in late 2019, Binance claims it does not own WazirX. In a series of tweets, Chief Executive Officer of Binance, Changpeng Zhao, stated that the deal has been hanging for the past few years and the company has not completed the deal. He explained that “a few issues” have been holding the completion of the acquisition deal.

Binance Supports Regulators To Continue Investigation

Hillman stated that the issue can be likened to a situation where a car owner sells their car and still holds onto the keys. The face-off between the two companies started after India’s anti-money-laundering agency froze $8 million worth of WazirX’s assets over suspected violations of foreign exchange rules.

While WazirX was questioned about the issue, the company pointed at the exchange claiming that the crypto exchange is the owner. But, according to the exchange, the ownership of WazirX has not been transferred yet since the process has not been completed.

Binance argued that Zanmai Labs is the company that owns and operates WazirX for the past two years, despite Binance’s efforts to complete the acquisition deal. The exchange says it’s confident that the Indian regulator will finally get to the bottom of the situation to know who is liable for the offense.

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