WazirX Calls Binance Allegations 'False and Misleading,' Plans to Seek Recourse

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 a blog post published on Tuesday.

On Jan. 26, Binance had given WazirX an ultimatum to retract what it called false public statements or stop using Binance's wallets by Feb 3.

In a blog post on Feb. 3, however, Binance had 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 had said it had begun the process of transferring assets to multi-sig wallets, and that it expects the process to be completed "within the next few hours."

In Tuesday's blog, 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.

This is a developing story and will be updated.

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