Fr. Sep 29th, 2023


  • Binance has asked WazirX’s operator Zanmai Labs to withdraw funds stored in Binance wallets.
  • Binance accused Zanmai of misrepresenting the relationship between both firms to the public.
  • WazirX has initiated the process of transferring assets to multi-sig wallets, which will be completed within a few hours.

Binance Terminates WazirX Wallet Services

Crypto exchange Binance has asked WazirX operator Zanmai Labs to withdraw any remaining assets in relevant accounts after Feb. 3, as it was terminating its services for the firm. This decision came after Zanmai failed to clarify misleading statements about the relationship between both firms.

Misrepresentation Accusations

Binance said it only provided wallet services for WazirX operations and that Zanmai had misrepresented this as „maintaining control over WazirX users‘ assets, user activity, and the platform’s operations.“ The CZ-led exchange also said that it was in everyone’s interest that Zanmai wasn’t permitted to perpetuate false narratives on the basis of their use of Binance’s wallet services.

Withdrawal Process Initiated

A spokesperson from WazirX told CryptoSlate that they had initiated a process of transferring all assets into multi-sig wallets, which would be completed within a few hours. This comes just months after Binance and WazirX were engaged in a public spat over ownership since August 2022, where founder Nischal Shetty insisted that Binance acquired and owned the exchange–a claim denied by Binance CEO Changpeng ‚CZ‘ Zhao.

Previous Relationship

The two exchanges have been working together previously when Binance acquired Indian cryptocurrency exchange WazirX in November 2019 and integrated it with its own ecosystem through its Launchpool platform last year.


It remains unclear how this new development will affect either party’s operations moving forward. However, users can rest assured knowing their funds are safe as they are being transferred into multi-sig wallets securely and expeditiously.

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