Binance to WazirX Transfers Are Disabled

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You can’t send money from Binance to WazirX right now. While the founders of Binance and WazirX keep arguing in public about who will run the Indian exchange, CZ recently took an important step. A Bitcoin holds blockchain investor named Akuma told the more than 100,000 people who follow him on Twitter about the latest news from Binance.

People can’t move money from Binance to WazirX anymore what should they do?

CZ, the CEO of Binance, said earlier that his company has the power to shut down the WazirX domain but won’t. CZ also told people who used WazirX to move their money to Binance. On the other hand, WazirX has started charging fees for these kinds of transactions. Users of WazirX who knew that Binance would stop transfers said they didn’t like what the exchange was done.

Fears about the safety of the money

CZ has already told them not to do anything too drastic, making things worse. But he said that even though the exchange is having problems, Binance won’t shut it down because that would hurt the users. In this situation, WazirX users use different social media to talk about their feelings.

Because the platform’s creators are talking about it in public, most users are worried about the safety of their money. Because of this, people are rethinking whether or not to keep their assets on WazirX. Even though there is a fee to switch to Binance, some people think it would be better.

Another user, Divya Tejwani, said people should get their money out of WazirX to be safe. They told you to move your coins to Binance or one of the other wallets you could use. Even though the Indian exchange is having problems right now, there are users who want it to do well.

On Friday, Indian police went to WazirX’s offices to search them because it was said that the company helped other businesses launder money. The country’s Enforcement Directorate said that using fake funds; the exchange helped companies that made apps for quick loans launder money.

The government has frozen the bank assets of WazirX, which are worth more than Rs 64.67 crore. After this, people started having open debates on Twitter, and the CEO of Binance said that his company did not own any part of WazirX. Because of this, there are a lot of different ideas about who owns WazirX.

The information given is based on how the market is doing and may also include the author’s personal opinion. Learn more about the cryptocurrency market before you invest money into it. You can’t blame the author or the magazine for any money you might have lost.

Structuring

Since last Friday, CZ, the CEO of Binance, and Shetty, the founder of WazirX, have been talking back and forth on Twitter about who owns WazirX and Zanmai Labs what that means.

After the ED took action, CZ stopped running the daily operations of the Indian exchange for the first time in public on Friday. Before, CZ had said that he bought WazirX in 2019.

Shetty and the other people who started Zanmai Labs have made a deal that gives them full control and ownership of the company. In 2019, Binance bought WazirX Technology. (IP). Binance has said it has no control over WazirX’s trading, which is why they disagree. To get a idea Visit Bitcoin smart.

Transfers between exchanges

On Sunday, Binance stopped letting people send money to WazirX off-chain. People couldn’t move money between the two exchanges anymore.

After the 1% Tax Deducted at Source rule was implemented for cryptocurrency transactions, WazirX started charging a fee to move money from WazirX to Binance. In a blog post from July, the company said this.

ET tried to talk to Binance about their decision to ban off-chain transfers, but they wouldn’t answer our questions. WazirX did not say anything about how the transfer fees were set up.

ED said on Friday that it was worried about “weak regulatory monitoring of transactions between WazirX and Binance” and that transactions were not being recorded on blockchains to save money.