The Binance To WazirX transfers have just been disabled. Just as Binance and WazirX founders continue to openly debate about the Indian exchange’s control, CZ just made a big move. A blockchain investor by name Akuma shared this Binance development on Twitter with his over one lakh followers.
“Just noticed Binance has disabled option to transfer funds from Binance to WazirX. However we could still easily transfer funds from Wazirx to Binance.”
What Next For Users After Binance To WazirX Transfers Stopped?
The Binance CEO CZ earlier said that his company could shut down WazirX domain but wouldn’t do so. Further, CZ asked the WazirX users to transfer their balances to Binance. But WazirX has on the other hand started imposing fees on such transfers. Several WazirX users who had learnt about Binance’s suspension of transfers expressed disappointment over the move.
Questions About Fund Safety
This makes the situation even more complex as CZ already issued a warning about extreme action. However, he said Binance would not shut down the troubled crypto exchange as the action could hurt the users. In this context, WazirX users are taking to various social platforms to express their concerns. Most users worry about their fund safety amid the open debate between the founders. This is also leading to second thoughts about whether to continue storing assets on WazirX. Some users are suggesting that it would be better off transferring to Binance despite the fee. WazirX CEO Nischal Shetty, however, stated that all crypto assets INR on the platform are “safe for now.”
Abhishek Iyengar, a WazirX user, said,
“Transfer your coins to binance with some % fee. Better than losing all.”
Another user, Divya Tejwani, suggested that users withdraw funds from WazirX just to be on the safer side. As an alternative, they suggested to transfer crypto assets to Binance or other wallets. On the positive side, some users are backing the Indian exchange to come out on top of the situation. They are expressing confidence in the management saying, “I support WazirX.”
On Friday, Indian law enforcement authorities raided WazirX’s premises over allegedly helping some companies in money laundering. The country’s Enforcement Directorate said the exchange was assisting instant loan app companies in laundering of fraudulent money. The authorities froze WazirX’s bank assets which hold over Rs 64.67 crore, which translates to around $8.13 million. Following this, the open arguments began on Twitter the Binance CEO claiming that his company does not own any stake in WazirX. This has led to widespread confusion as to who owns WazirX after all.