Binance has disclosed plans to end service in off-chain funds transfers between it and WazirX effective August 11.
Customers using the WazirX platform won’t be able to send funds over to Binance by using their “Login with Binance” choice. Customers should follow the normal withdrawal and deposit method for their transactions.
Binance has decided to withdraw from the ongoing investigation toward Zanmai Labs Pvt Ltd, the parent company of WazirX.
The relationship between Binance and WazirX hasn’t remained the same ever since ED initiated an investigation into WazirX in the hopes of providing money laundering activities. As a result, the $8 million belonging to the other company was frozen.
The investigation into WazirX may have drawn much media attention because it was identified as a Binance-owned alternative following a possible purchase in the year 2019. Binance chief executive Changpeng Zhao not long ago denied that Binance was the owner of the alternate.
He stated that the strategy to collect Binance had not been achieved since 2019. WazirX integrates pockets with Binance so that customers can transfer funds off-chain between the exchanges, which can help save costs for community members. CZ advised that WazirX customers should switch their money to Binance since they can disable WazirX wallets anytime.
In the feud between the public, the founder of WazirX, Nischal Shetty, presented his arguments to claim that Binance bought the alternative and is the owner.
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