Share this article
WazirX Calls Binance Allegations 'False and Misleading,' Plans to Seek Recourse
Binance had given WazirX an ultimatum to retract what it called false public statements or stop using Binance's wallets.
By Amitoj Singh
Updated May 9, 2023, 4:07 a.m. Published Feb 7, 2023, 2:47 p.m.
Indian cryptocurrency exchange WazirX has said "allegations made by Binance in their blog are false and unsubstantiated," and that with respect to Binance's actions it is taking the necessary steps to seek recourse and protect its legal rights, according to its own blog post published on Tuesday.
The spat between Binance and Zanmai Labs, the Singapore-based parent of WazirX, is about which company truly controls the Indian exchange. The internal dispute became public in August 2022 when Binance CEO Changpeng Zhao tweeted Binance didn't control WazirX, resulting in WazirX co-founder Nischal Shetty hitting back later.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In the months since then, both parties were in private discussions to work out the ownership issue, said Shetty, in order to ensure customer funds wouldn't become collateral damage.
On Jan. 26, Binance gave WazirX an ultimatum to retract what it called a "false and misleading narrative" or stop using Binance's wallets by Feb. 3, CoinDesk reported at the time.
In a blog post on Feb. 3, however, Binance said it was making an exception and inviting WazirX to "work out arrangements to withdraw any remaining assets in the relevant accounts." The solution ostensibly ended worries about what would happen to customer funds if Binance and WazirX end their collaboration, given that WazirX disclosed that 90% of its user assets are held in Binance wallets.
Later, on Feb. 3, WazirX said it had begun the process of transferring assets to multisignature wallets, and that it expects the process to be completed "within the next few hours."
In Tuesday's blog, and with the process of transferring funds apparently over, WazirX said its "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."
Binance didn't immediately respond to CoinDesk's request for comment.
Read More: Binance-WazirX Dispute Rages as the Indian Crypto Exchange Is Told to Move Funds Out of Binance
UPDATE (Feb. 7, 15:20 UTC): Added additional background and context.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
