Xavier Kong · · 1 min readBinance to halt off-chain transfers with embattled WazirX
Binance will be ceasing its off-chain fund transfer channel with Indian crypto exchange WazirX, effective August 11 this year.
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Users will no longer be able to perform off-chain transactions via the “Login with Binance” option but will still be able to deposit and withdraw funds via the standard processes between the two exchanges.
Binance also reiterated its commitment to keeping an open dialogue with regulators and policymakers.
The development comes amid a disagreement on WazirX’s ownership between the two firms’ founders. This was sparked by an investigative probe on the Indian crypto exchange which saw US$8.1 million worth of assets frozen.
The Indian Directorate of Enforcement named Zanmai Labs – which operates WazirX – as an entity involved in laundering money for non-banking financial companies and said it had predatory lending practices.
In May 2020, Binance co-launched a blockchain fund with WazirX to support the development and growth of blockchain startups in India.
See also: The tech mogul backing Binance’s Malaysia breakthrough
Editing by Miguel Cordon and Jaclyn Tiu
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