This follows Binance’s decision last week to not let WazirX use its wallet services.
“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. Users can continue to trade, deposit, and withdraw their funds as usual,” the exchange said in a blog post. “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.”
This is latest in the spat between the two exchanges over who controls WazirX.
After WazirX parent entity Zanmai Labs said last year it was owned by Binance, the latter denied the claims and said it only provided wallet services to WazirX.
The fight was kept behind closed doors till August last year, when Binance CEO Changpeng Zhao took to Twitter to say that his company did not own any equity in Zanmai Labs.
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The statement came after the Directorate of Enforcement (ED) launched an investigation against Zanmai Labs for alleged money laundering.Following this, WazirX co-founder Nischal Shetty said the exchange had sold its technology to Binance.
Later, the two companies started holding discussions to resolve the ownership issue but it ended up in Binance giving an ultimatum to WazirX to either withdraw its claims or stop using its wallet services.
Last week, Binance told WazirX users in a blog post that they could not use its wallet services anymore.
“You may be aware of the public debate between Binance and Zanmai, the entity operating the Indian crypto exchange WazirX, regarding the nature of our relationship. There has been a lot of confusion, and as a WazirX user, you may be worried about your funds on WazirX – after all, it is your right to demand absolute clarity in a situation where your hard-earned money is involved,” Binance said.
It said the company had on January 26 offered Zanmai a choice between “retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service.”
“Since Zanmai has refused to clarify their misleading statements, Zanmai has till February 3 to remove the funds from the accounts that they used for WazirX’s operations,” it added.
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