Binance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance

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 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. Binance vs. Wazirx: Who Owns What

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. Tags in this story Binance acquires Wazirx, Binance acquisition Wazirx, Binance CEO, Binance Wazirx, Changpeng Zhao, CZ, ED, Nischal Shetty, Wazirx ED, Zanmai Labs

What do you think actually happened between Binance and Wazirx? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. India Freezes Crypto Exchange Wazirx"s Bank Assets — Binance Claims Acquisition of Wazirx Was "Never Completed" EXCHANGES | 1 day ago Binance to Sell NFT Tickets for Major Italian Soccer Club Lazio EXCHANGES | Jul 30, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleShark Tank Star Kevin O’Leary Buys the Bitcoin Dip — Says Crypto ‘Desperately Needs Policy’ Next articleReport Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining