• Binance is giving WazirX, an Indian crypto exchange, a deadline to withdraw all customer funds stored on its infrastructure and wallets.
• The dispute between the two platforms started when the Indian government raided Zanmai (the operator of WazirX) and froze $8 million in assets.
• Binance has said that WazirX must retract its false public statements before 3 February or risk having their remaining assets withdrawn from Binance wallets.
Binance Gives Deadline for WazirX
Binance, one of the leading crypto exchanges in the world, has given Indian crypto exchange WazirX a deadline to withdraw all customer funds stored on its infrastructure and wallets.
Background of Dispute
The dispute 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 had previously invested in the company but refused any other affiliation with it, even though there were reports that it actually owns at least a portion.
Ultimatum from Binance
Binance issued a statement today 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“ regarding their alleged role in operating it. They gave Zanmai a choice between retracting these false statements or terminating their use of Binance’s wallet service by 3 February.
Consequences for Refusal
If Zanmai refuses to clarify their misleading statements before this date then they risk having their remaining assets withdrawn from Binance wallets.
It remains unclear how this saga will end but this ultimatum from Binance puts further pressure on Zanmai as they have only days left to respond before potentially facing significant consequences.