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Binance Issues Official Statement Amidst Rift With WazirX
The crypto exchange said it will cease to support off-chain fund transfers between WazirX Exchange and Binance via the “Login with Binance” option
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In its official statement, Binance has said that it will be ceasing support of off-chain fund transfers between WazirX Exchange and Binance via the “Login with Binance” option.
"As a result of the recent regulatory action taken against Zanmai Labs Pvt Ltd, in relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case," said the statement.
Binance has further said that it is removing the off-chain fund transfer channel between itself and WazirX.
"Effective from 2022-08-11 03:00 (UTC), Binance will cease to support off-chain fund transfers between WazirX Exchange and Binance via the “Login with Binance” option," stated Binance.
Although the statement made it clear that users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX.
"Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. Binance believes in keeping an open dialogue with regulators, policymakers and the law enforcement community as we collectively seek to establish a global regulatory framework for the industry," said Patrick Hillmann, Chief Communications Officer, Binance..