CoinEfficiency

Binance Ends Partnership with WazirX Amid Dispute

Binance terminates its business relationship with WazirX, urging the withdrawal of assets amidst ongoing disputes.
Published on 2023-02-03

Binance Ends Partnership with WazirX

Binance, the world's largest cryptocurrency marketplace, has severed its business ties with WazirX. This decision follows WazirX's refusal to retract previous public statements that Binance deemed false.

Withdrawal of Assets

As part of the termination, Binance has instructed WazirX, operated by Zanmai, to withdraw its remaining assets and cease using Binance's wallet services. This directive was communicated on Binance's official platform, highlighting the ongoing discord between the two exchanges.

Critical Timeline

Zanmai has been given a deadline to comply with the asset withdrawal, with a cutoff set for February 3, 2023. Binance clarified that it holds no responsibility over Zanmai's management of user funds from WazirX. Despite the severance of their business relationship, Zanmai intends to proceed with the withdrawal of assets.

Law Enforcement Involvement

The backdrop to this development includes a raid by Indian law enforcement on WazirX's Mumbai office. This incident has added complexity to the ongoing legal and operational challenges faced by WazirX in India.

Conclusion

The termination of the partnership underscores the strained relations between Binance and WazirX. It also highlights the broader regulatory and operational pressures faced by cryptocurrency exchanges in the Indian market. The resolution of these issues will be critical in shaping the future operational landscape for both entities.

What is Coinefficiency?

Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.

Why Use Coinefficiency?

  • Advanced market analytics to identify trading opportunities.
  • Compare markets relative performance.
  • Understand market cycles over time. See market levels.
  • Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.

With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.

Get Started with Coinefficiency

Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.