Binance-WazirX Rift: India’s 15 million crypto investors are troubled, due to these reasons
Zanmai Labs, which operates WazirX in India, is looking for a legal way after a dispute over ownership with the world’s largest exchange Still working. But due to this dispute that started between WazirX and Binance, about 15 million users of the Indian crypto exchange are being affected.
New Delhi : Binance, the world’s largest cryptocurrency exchange by trading volume, announced the acquisition of ‘WazirX’ in a blog post on November 21, 2019. However, Changpeng Zhao, the CEO of Binance has surprised the crypto exchange of India and the crypto community around the world with his decision. He has decided not to fulfill the agreement between the two parties. After this, a war of words has started between Nischal Shetty, the founder of WazirX and Zhao. Meanwhile, investors in the crypto market are looking for the question as to what kind of impact will this whole development have on them.
Meanwhile, Zanmai Labs, which operates WazirX in India, is looking for a legal route after a dispute with the world’s largest exchange over ownership. But due to this dispute that started between WazirX and Binance, about 15 million users of the Indian crypto exchange are being affected.
Zhao tweeted on Saturday that WazirX users should transfer their funds to Binance. Because of this a lot of panic situation had arisen.
CZ tweeted on Saturday, “We could have shut down WazirX. But we can’t because…it will hurt users.”
Users are getting upset
A user has shared a screenshot after Binance disabled off-chain transfers to WazirX. This screenshot shows how users are facing problems in transferring funds internally between the two exchanges. Off-chain transactions are off-chain.
Investors investing in crypto were already worried about the fall in crypto prices and the tax regime implemented in India. Now these users are worried about the safety of their funds deposited with WazirX. The concerns of these investors are about how the souring in the relationship between the two companies can harm them.