Binance Feud With WazirX intensifies

The Binance-WazirX feud escalated with the former taking out the off-chain channel for fund transfers between the two yesterday.

Patrick Hillmann, Binance's chief communications officer, stated in an official statement that Binance would no longer support off-chain funds transfers between WazirX Exchange or Binance via the "Login with Binance" option. Users can still withdraw and deposit balances using the standard withdrawal and deposit procedure between Binance, and WazirX.

Off-chain transactions refer to those that occur on a crypto network and move the value beyond the blockchain. These transactions are popular among large participants because they have low or zero cost. These transactions are popular with investors because they don't usually attract any transaction fees. According to the Binance statement, the company will continue to support Indian Regulators in ongoing matters regarding WazirX.

" Binance believes that there should be an open dialogue between regulators, policymakers and law enforcement as we collectively strive to create a global regulatory framework. This is in response to recent regulatory actions against Zanmai Labs which owns the cryptocurrency WazirX . "It was brought to our attention that some users believed that funds deposited into WazirX had been managed by Binance. Hillman clarified that this is not true.

After the Enforcement Directorate (ED), which froze bank accounts to the tune Rs 64.67 Crore of directors of Zanmai, the relationship between binance & WazirX went sour. About 15 million users registered on these platforms have been left stranded by the public dispute. It is expected that Zanmai Labs will be run by Nick Shetty, and other founders.