• Binance has given WazirX an ultimatum to withdraw all customer funds stored on Binance’s infrastructure and wallets.
• This follows a raid by the Indian government on WazirX offices and the freezing of over $8 million in assets.
• Binance has denied any future affiliation with WazirX despite its previous investment.
The dispute between Binance and the Indian crypto exchange WazirX has taken an unexpected turn. Binance, the world’s leading crypto exchange, has now given an ultimatum to the operator of WazirX to withdraw all customer funds stored on Binance’s infrastructure and wallets. This development comes after the Indian government raided WazirX’s offices and froze over $8 million in assets.
The saga between the two platforms began last year when Binance invested in the Indian company. Following the Indian government’s raid on WazirX, Binance made it clear that it was not interested in any further affiliation with the Indian exchange. This was despite Binance’s previous investment in the company.
In light of this, Binance has now given WazirX a deadline for when all customer funds stored in Binance wallets must be withdrawn. Binance has also stated that it will not tolerate any future affiliation with WazirX unless the company retracts a previous „false public statement“ against Binance.
This move by Binance is seen as an attempt to distance itself from any potential legal issues due to its previous investment in WazirX. The Indian government is continuing its investigations into the exchange, and this ultimatum could be a way for Binance to protect itself from any potential fallout.
At the same time, Binance’s ultimatum to WazirX has created a difficult situation for the Indian exchange. With the deadline looming, WazirX will have to find a way to meet Binance’s demands while also dealing with the Indian government’s investigation.
It remains to be seen how this saga will unfold in the coming days and weeks. Binance’s ultimatum has put WazirX in an uncomfortable position and it will be interesting to see how the Indian exchange responds. Whatever the outcome, this dispute is sure to have a major impact on the Indian crypto market.