Withdraw Your Money From This Bitcoin Exchange!

Binance CEO CZ reported that they will keep transfer transactions active until Thursday, with a Bitcoin exchange allegedly involved in crypto money laundering.

Binance ends fund transfers with WazirX

WazirX is an India-based Bitcoin exchange. On August 5, the Executive Directorate of India (ED) announced that it had frozen approximately $8.1 million in funds and was simultaneously examining the director of cryptocurrency exchange WazirX as part of its loan fraud investigation. Following the legal process, Binance CZ said it “does not own any stake in Zanmai Labs, which operates WazirX and was founded by the original founders.” Binance announced that they had acquired WazirX in an official announcement dated November 2019. After it was revealed that the India-based exchange was taking an active role in money laundering, CZ stated that Binance only provides wallet service for WazirX as a technology solution.

Changpeng Zhao states today that off-chain transactions with WazirX will be closed from Thursday. AmkNews.com As we reported, transfers from Binance to WazirX were disabled on August 6th.

Off-chain transactions between Binance and WazirX expire on August 11

Binance announced today that it will cease off-chain funding transactions between WazirX on August 11. The recent regulatory action by the Indian authorities against Zanmai Labs Pvt Ltd has sparked a heated debate over the ownership of the WazirX crypto exchange. Binance CEO “CZ” has previously stated that the crypto exchange has no involvement in WazirX’s parent company, Zanmai Labs. The owners of Zanmai Labs think otherwise. They say the transaction was completed in 2019.

Binance has decided to discontinue its off-chain funds transfer channel for greater clarity and to protect users.

Evidence battle continues between CZ and Nischal Shetty

CZ has been trying to clear doubts about WazirX’s Enforcement Directorate (ED) investigation for some time now. The founder said last week that Binance could shut down domains, but that would only hurt users. In contrast, WazirX founder says CZ’s statements are proof that they bought WazirX.

CZ today urged users to withdraw their funds from WazirX and transfer their funds to Binance or other wallets. It also accuses the Indian crypto exchange of not cooperating with Binence and the Executive Directorate.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.