Binance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance
Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning followed numer...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning followed numerous tweets by CZ and Wazirx’s founder regarding whether Binance acquired Wazirx.
Binance’s Warning: Transfer Your Funds
The conflict between global crypto exchange Binance and Indian crypto exchange Wazirx has deepened. Binance CEO Changpeng Zhao (CZ) tweeted Friday, advising anyone with funds on Wazirx to transfer them to Binance. He warned: “We could disable Wazirx wallets on a tech level.”
The dispute between Binance and Wazirx began when India’s Directorate of Enforcement (ED) froze the bank assets of Wazirx as part of its money laundering investigation.
Following the ED’s announcement, Binance’s CEO quickly denied that his company had acquired Wazirx — almost three years after the two exchanges announced the acquisition.
While Zhao claimed that the acquisition of Wazirx “was never completed,” Wazirx founder Nischal Shetty disagreed and maintained that his exchange was indeed acquired by Binance.
Attempting to prove that Binance owns Wazirx, Shetty tweeted that Binance owns Wazirx’s domain name, has root access to its Amazon AWS web hosting servers, has all the crypto assets, and receives all the crypto profits.
However, CZ argued: “The Wazirx founding team maintained control of the operations of the platform. We (Binance) were never given data or control of users, KYC, etc.” Responding to Shetty’s tweet about Binance owning Wazirx, Zhao stressed:
We do NOT have control of the trading system. You just gave the AWS login, no source code, no deployment capability. You also retained access to the AWS account, source code, deploy, etc.
In a follow-up tweet, CZ claimed that Wazirx has been uncooperative with Binance, adding that the exchange appears to be uncooperative with the ED as well.
Regarding the ED’s investigation, Shetty tweeted that Zanmai Labs, the entity that owns Wazirx, “has been cooperating with ED for over 7 days and has submitted all the required data.” Wazirx also tweeted:
We have been fully cooperating with the Enforcement Directorate (ED) for several days and have responded to all their queries fully and transparently. We do not agree with the allegations in the ED press release. We are evaluating our further plan of action.
What do you think actually happened between Binance and Wazirx? Let us know in the comments section below.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Binance Blocks MEXC Transfers After $16B Illicit Finance Allegations
Binance restricted dealings with MEXC after U.S. authorities alleged the exchange facilitated at least $16 billion in illicit tran...
BitGo expands Link platform to 10 exchanges, adding Binance, Bybit and more
BitGo's expanded Link platform enhances institutional crypto trading efficiency, potentially increasing market liquidity and reduc...
Suiball Cancels Hardware Wallet Launch and Refunds Preorders in USDC After Security Review
Key Takeaways: Suiball is shutting down, yet its initial batch of hardware wallets has yet to reach its customers. Approximately 8...
Telegram Doesn’t Need to Convert Crypto Users: 1M Wallets in 48 Hours Reveal Its Massive Distribution Advantage
Telegram is gaining crypto users without having to convince them to download another app. More than 1 million self-custodial walle...
Binance CSO unwittingly foreshadowed $6.3B hack tactic months before attack
In a July interview, Binance chief security officer Jimmy Su explained how fake coding assessments could compromise employee devic...
MSCI Removes Strategy (MSTR) From Its USA Index, Forcing Index Funds to Sell by Nov. 30
Bitcoin Magazine MSCI Removes Strategy (MSTR) From Its USA Index, Forcing Index Funds to Sell by Nov. 30 MSCI will remove Strategy...