The world's largest crypto exchange Binance, that disowned the Nischal Shetty-run crypto platform WazirX, on Monday said that it is removing the off-chain fund transfer channel between WazirX and Binance.
The crypto platform will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option, Patrick Hillmann, Chief Communications Officer, Binance, said in a statement.
"Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," he said.
Last week, after the Enforcement Directorate (ED) raids on WazirX's parent company Zanmai Lab, Changpeng Zhao, Founder and CEO of Binance, had said that the company does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.
The ED searched the director of WazirX cryptocurrency and froze its bank assets worth Rs 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets".
Hillmann said that as a result of the recent regulatory action taken against Zanmai Labs, "in relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case".
Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX.
"Binance believes in keeping an open dialogue with regulators, policymakers and the law enforcement community as we collectively seek to establish a global regulatory framework for the industry," said Hillmann.
WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021.
Shetty, co-founder of WazirX, disputed Binance's claims in a series of tweets last week.
"More facts about WazirX: Binance owns WazirX domain name, Binance has root access to AWS servers, Binance has all the Crypto assets, Binance has all the Crypto profits. Don't confuse Zanmai and WazirX", he had tweeted.
On November 21, 2019, Binance said it had "acquired" WazirX.
"This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX," according to Zhao.
Mahadev betting scam: Actress Tamannaah Bhatia summoned by Maha Police
Bollywood actress Tamannaah Bhatia has been summoned by the Maharashtra Cyber Police for the ongoing investigations into the multi-crore Mahadev online gambling and betting scam, officials here said on Thursday.
Salman house firing case: Mumbai cops fish out arms, ammunition from River Tapi in Surat
In a big breakthrough, the Mumbai Police have recovered some arms and ammunition that were reportedly used in the firing at the house of Bollywood megastar Salman Khan on April 14, official sources said on Tuesday.
NCP manifesto: Caste-based census, MSP for farmers
The Nationalist Congress Party (NCP), which is now an ally of the NDA and the ruling partner in the MahaYuti government in Maharashtra, has demanded the caste-based census and Minimum Support Price for farmers.
Uddhav Thackeray skips INDIA bloc's rally in Ranchi, sends representative
Shiv Sena (UBT) President and former chief minister Uddhav Thackeray skipped the INDIA bloc rally scheduled in Ranchi this evening, an aide said here on Sunday.
Congress, INDIA bloc against development & farmers: PM Modi says in Maharashtra
Criticising the Congress and the INDIA bloc, Prime Minister Narendra Modi on Friday said that the unwavering faith of the people in 'Modi's Guarantee' is giving sleepless nights to the Opposition alliance leaders.
Bitcoin scam case: ED attaches assets worth over Rs 97 cr of Raj Kundra, Shilpa Shetty
The attached properties include a residential flat in Juhu, which is in the name of Shilpa Shetty, another residential bungalow in Pune and equity shares in Raj Kundra's name.
Congress in Tripura blocks rail stations to protest police fired-killing of 5 farmers in MP
The firing on Tuesday came during raucous protests to demand better crop prices in the drought-ravaged region that saw one farmer suicide every five hours in the past two years.
DMs, SPs of violence-hit MP districts transferred
The farmers agitation entered its eighth day on Thursday. The peasants have been on strike since June 1, demanding loan waiver and fair price for their produce.