Binance Gives Deadline for WazirX to Withdraw Client Assets Stored in its Wallets

The world’s leading crypto exchange has given an ultimatum to the operator of WazirX to withdraw all customer funds stored on Binance’s infrastructure and wallets.

This comes as Zanmai has supposedly refused to retract a previous “false public statement” against Binance.

• The spat between the two crypto trading platforms began last year when the Indian government went after WazirX, raided offices belonging to Zanmai (the exchange’s operator), and froze over $8 million in assets.
• Binance, which had previously invested in the Indian company, refused to have any other affiliation with it, even though there were reports that it actually owns at least a portion.
• Earlier today, the CZ-led crypto giant issued another statement, urging Zanmai to “work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February.”
• This is because Binance believes WazirX’s operator had made numerous “false public statements” in the past related to the former’s “alleged role in and responsibility for operating” the latter.

“On 26 January 2023, we offered Zanmai a choice between retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service. Since Zanmai has refused to clarify their misleading statements, Zanmai has till 3 February 2023 (23:59 UTC) to remove the funds from the accounts that they used for WazirX’s operations.”

• Binance said it only provides wallet services and general infrastructure to WazirX – a practice the exchange has with “numerous other firms that use our technology and infrastructure to independently run their businesses.”