{"id":253689,"date":"2022-08-09T12:00:11","date_gmt":"2022-08-09T11:00:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=253689"},"modified":"2022-08-09T11:59:19","modified_gmt":"2022-08-09T10:59:19","slug":"binance-to-cease-off-chain-transfers-for-wazirx","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-cease-off-chain-transfers-for-wazirx\/","title":{"rendered":"Binance to cease off-chain transfers for WazirX"},"content":{"rendered":"<p>Binance has <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/f9fd6936e5264206a71c898f8a36f29e\">announced<\/a> plans to cease support for off-chain fund transfers between itself and WazirX, effective August 11.<\/p>\n<p>Users on the WazirX platform will not be able to transfer funds to Binance using the &#8220;Login with Binance&#8221; option. Instead, they will have to use the standard withdrawal and deposit process to complete their transactions.<\/p>\n<p>Binance is moving away from the ongoing <a href=\"https:\/\/cryptoslate.com\/binance-owned-wazirx-under-investigation-in-india-over-alleged-money-laundering\/\">investigation<\/a> against Zanmai Labs Pvt Ltd, the parent company of WazirX.<\/p>\n<h2>The Growing Feud between Binance and WazirX<\/h2>\n<p>The relationship between Binance and WazirX has not remained the same ever since the ED commenced an investigation of WazirX for allegedly facilitating <a href=\"https:\/\/cryptoslate.com\/binance-owned-wazirx-under-investigation-in-india-over-alleged-money-laundering\/\">money laundering<\/a> activities. As a result, $8 million belonging to the exchange was frozen.<\/p>\n<p>The investigation of WazirX perhaps drew much media attention because it has been linked as a Binance-owned exchange after a supposed <a href=\"https:\/\/cryptoslate.com\/in-times-of-uncertainty-and-fear-binance-goes-long-on-india\/\">purchase<\/a> in 2019. Binance CEO <a href=\"http:\/\/cryptoslate.com\/people\/changpeng-zhao\"><b>Changpeng Zhao<\/b><\/a>\u00a0recently denied claims that Binance owned the exchange.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Quick thread on Binance and WazirX, and some incorrect reporting.<\/p>\n<p>Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.<\/p>\n<p>1\/4<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) August 5, 2022<\/p><\/blockquote>\n<p>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.<\/p>\n<p>In the public feud, <span style=\"font-weight: 400;\">WazirX's' founder Nischal Shetty presented his arguments to insist that Binance acquired the exchange and owns it.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1\/ FACTS about WazirX & Binance:<\/p>\n<p>WazirX was acquired by Binance<\/p>\n<p>Zanmai Labs is an India entity owned by me & my co-founders<\/p>\n<p>Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX<\/p>\n<p>Binance operates crypto to crypto pairs, processes crypto withdrawal\u2026<\/p>\n<p>\u2014 Nischal (Shardeum) \u26a1\ufe0f (@NischalShetty) <a href=\"https:\/\/twitter.com\/NischalShetty\/status\/1555602963430785024?ref_src=twsrc%5Etfw\">August 5, 2022<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8220;Login with Binance&#8221; option. Instead, they will have to use the standard withdrawal and deposit process to complete their transactions. Binance [&hellip;]<\/p>\n","protected":false},"author":1378,"featured_media":253715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance to cease off-chain transfers for WazirX<\/title>\n<meta name=\"description\" content=\"Binance has moved to disable off-chain transfer options with WazirX as ownership feud continues amid an ongoing investigation in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-cease-off-chain-transfers-for-wazirx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to cease off-chain transfers for WazirX\" \/>\n<meta property=\"og:description\" content=\"Binance has moved to disable off-chain transfer options with WazirX as ownership feud continues amid an ongoing investigation in India.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-to-cease-off-chain-transfers-for-wazirx\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-09T11:00:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-09T10:59:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/image_2022-08-09_155825425.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Christian Nwobodo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Nwobodo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-to-cease-off-chain-transfers-for-wazirx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-to-cease-off-chain-transfers-for-wazirx\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#person\",\"name\":\"Christian Nwobodo\",\"url\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"caption\":\"Christian Nwobodo\"},\"jobTitle\":\"Journalist\",\"description\":\"Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. 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