Indian Crypto Exchange Wazirx Calls Binance’s Allegations ‘False and Unsubstantiated’ — Seeks Recourse

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Indian Crypto Exchange Wazirx Calls Binance's Allegations 'False and Unsubstantiated' — Plans to Seek Recourse

Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the allegations “are false and unsubstantiated,” Wazirx stressed. “As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.”

Wazirx Says Binance’s Accusations Are ‘False and Unsubstantiated’

Wazirx said Tuesday that Binance’s allegations regarding its relationship with Zanmai Labs, allegedly the entity that operates the Indian crypto exchange, are “false” and “misleading.” The company added that it is seeking recourse.

Wazirx wrote on its website:

The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.

The global cryptocurrency exchange has accused Zanmai of making “a series of misleading claims related to Binance’s alleged role in and responsibility for operating the Wazirx exchange.” Binance said on Friday, Feb. 3: “The false and misleading narrative put forth to the public misrepresented Binance as maintaining control over Wazirx users’ assets, user activity, and the platform’s operations.”

Binance’s announcement followed a public dispute between the two crypto exchanges. In August last year, Wazirx founder Nischal Shetty insisted that Wazirx is owned and controlled by Binance. “Zanmai Labs has [a] license from Binance to operate INR-crypto pairs in Wazirx … Binance operates crypto-to-crypto pairs, processes crypto withdrawal,” he tweeted.

Wazirx Assures Users

The Indian crypto exchange also assured its users regarding Binance’s announcement that Wazirx can no longer use Binance’s wallet services. Emphasizing that users “can continue to trade, deposit, and withdraw their funds as usual,” Wazirx stressed:

Wazirx users do not have to be concerned about Binance’s announcement. We have made arrangements to ensure that Wazirx’s digital assets are stored in accordance with industry-leading standards.

What do you think about the dispute between Wazirx and Binance? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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