Binance to cease off-chain transfers for WazirX


Binance has announced plans to cease support for off-chain fund transfers between itself and WazirX, effective August 11.

Users on the WazirX platform will not be able to transfer funds to Binance using the “Login with Binance” option. Instead, they will have to use the standard withdrawal and deposit process to complete their transactions.

Binance is moving away from the ongoing investigation against Zanmai Labs Pvt Ltd, the parent company of WazirX.

The Growing Feud between Binance and WazirX

The relationship between Binance and WazirX has not remained the same ever since the ED commenced an investigation of WazirX for allegedly facilitating money laundering activities. As a result, $8 million belonging to the exchange was frozen.

How To Get Free Crypto  

The investigation of WazirX perhaps drew much media attention because it has been linked as a Binance-owned exchange after a supposed purchase in 2019. Binance CEO Changpeng Zhao recently denied claims that Binance owned the exchange.

He stated that the process to acquire Binance has not been completed since 2019. WazirX has wallet integrations with Binance to allow users to make off-chain transfers between the exchanges to help save network fees. CZ advised that WazirX users should transfer their funds to Binance as they could disable WazirX wallets anytime.

In the public feud, WazirX’s’ founder Nischal Shetty presented his arguments to insist that Binance acquired the exchange and owns it.

Go to Source
Author: Christian Nwobodo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.