“If you have funds in WazirX, you should transfer them to Binance.” tuiteó Changpeng Zhao, CEO de Binance. Many users of the Indian exchange WazirX panicked.
- CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. alerted users of WazirX exchange via Twitter
- Expressly instructed them to transfer their funds to Binance
- Denies that Indian exchange is owned by Binance
Changpeng “CZ” Zhao, the CEO of the cryptocurrency exchange Binance, has caused “panic” among users of WazirX, as reported Coindesk. CZ expressly stated in Twitter on 5 August last that Binance may shut down the Indian cryptocurrency platform a place to buy, sell and store cryptocurrency and has advised its users to transfer their funds to Binance.
If you have funds in WazirX, you should transfer them to Binance. It’s as simple as that.
We could disable WazirX wallets on a technological level, but we can’t/won’t do it. And no matter how much debate we’re enduring, we can’t/won’t hurt users.
If you have funds on WazirX, you should transfer it to Binance. Simple as that.
We could disable WazirX wallets on a tech level, but we can’t/won’t do that. And as much debates as we are enduring, we can’t/won’t hurt users. ????
– CZ ???? Binance (@cz_binance) August 5, 2022
He says he doesn’t own it
At the same time, CZ denied the assertions made by the founder of WazirX, Nischal Shetty, that the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Indian is owned by Binance following an investigation by Indian government agencies.
“Binance provides wallet a place where cryptocurrency users can store, send and receive digital assets. services for WazirX. The WazirX domain is transferred to our control. We were given shared access to an AWS account. We could shut down WazirX. But we can’t, because it hurts users.” CZ tweeted.
He further clarified:
Binance has NO control over operations, including “user registration, KYC, trading and initiating withdrawals”, as stated above. The founding team of WazirX controls that. This was never transferred, despite our requests. The deal never closed. No shares were transferred.
It hurts users.
Binance does NOT have control on operations including “user sign-up, KYC, trading and initiating withdrawals”, as stated earlier. WazirX’s founding team controls that. This was never transferred, despite our requests. The deal was never closed. No share xfers.
– CZ ???? Binance (@cz_binance) August 5, 2022
Users, in turn, flooded their channel of Telegram asking if this was true, if their funds were safe, and if they were Binance would eliminate its native WRX currency.
“In light of recent events on WazirX, we wanted to assure you that operations are proceeding normally.” replied WazirX en Telegram.
Version of WazirX
As reported by Coindesk, the vice-president of WazirX, Rajagopal Menon, too, tried to allay fears and said: “ We are the only major cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange that allows full cryptocurrency withdrawals in India and that shows how solvent we are and how sensible our business model is. Indian rupee (INR) withdrawals are working and there is no problem in terms of structural viability of the business. Users’ crypto are safe.”
It is worth noting that CZ’s comments came after the Compliance Directorate (ED) Indian authorities to raid the properties of the director and co-founder of WazirX, Sammer Mhatre, last Friday, August 5. The properties were raided as part of an investigation into alleged fraud in instant lending applications that cryptocurrency platform “actively helped”.
India’s finance ministry also said it was investigating WazirX alleging that he used Binance to disguise transactions.
So is he or isn’t he from Binance?
And although CZ says that WazirX is not from Binance, Nischal Shetty -fundador de WazirX – sugirió en Twitter that CZ was confusing the situation by referring to Zanmai Labs.
“WazirX was acquired by Binance. Zanmai Labs is an Indian entity owned by myself and my co-founders. Zanmai Labs is licensed by Binance to trade INR-Crypto pairs on WazirX. Binance trades crypto to crypto pairs, processes crypto withdrawal.” tuiteó.
He said Binance owns the domain name WazirX , root access to your servers, all your cryptoassets and all the proceeds.
“Don’t confuse Zanmai and WazirX.” he added.
In addition, Shetty told CoinDesk in an interview that WazirX has the legal documentation documentation is a part of token economies that stores all the details of an asset on the blockchain. to prove that Binance owns WazirX.
Binance restarted transfers
Shetty today told Coindesk that Binance has restarted transfers out of the chain
Binance had eliminated off-chain a transaction that is processed outside the blockchain network with an increased speed and reduced cost. transfers to WazirX following the social media disagreement (outlined above) between Shetty and CZ regarding ownership of the platform.
Shetty told CoinDesk in an interview that Binance disabled off-chain transfers to WazirX yesterday Sunday and then enabled them today. “I guess because a lot of users complained. “, Shetty aggregated.
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Illustration by Nicole Leon/ DiarioBitcoin