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WazirX announces change in fund transfer policy, dissuades users from shifting to Binance

WazirX announces change in fund transfer policy, dissuades users from shifting to Binance

WazirX announced, “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the 'Login with Binance' option.”

WazirX announced, “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the 'Login with Binance' option.” WazirX announced, “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the 'Login with Binance' option.”

Amid the ongoing feud with global crypto exchange Binance, WazirX has announced changes in its fund transfer policy. The crypto exchange also indirectly dissuaded customers from transferring funds to Binance.

WazirX announced, “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the 'Login with Binance' option.”

The exchange further highlighted that on-chain withdrawals and deposits are still active. 

The announcement noted, “Users will still be able to deposit and withdraw balances via the standard on-chain withdrawal and deposit process.”

“WazirX will continue to explore additional options to expand the scope of on-chain deposits and withdrawals,” the announcement added.

The announcement also had information for users who used the ‘Login via Binance’ option to use the exchange. They said, “Users who use 'Login via Binance' can continue to login to the WazirX exchange by using the 'Forgot Password" option to reset the password and entering same email as the email on their Binance account.”

WazirX also indirectly dissuaded existing investors from switching over to Binance. In a note at the end of the announcement, the exchange stressed that in the case of most foreign exchanges, the onus of keeping track of TDS would fall on investors, which would be a herculean task.

The exchange said, “Please note - For those withdrawing crypto to international exchanges, most of these exchanges do not have a TDS framework in place. Also, many of them have no visibility over the user's real identity or the scale of transactions. Thus, putting the onus of deducting TDS on the individual, which is nearly impossible.”

They also added, “WazirX has a framework for complying with the TDS as per government notification. We request the users not to panic and take the right decision.

Binance has been urging WazirX users to move their funds to Binance. The feud was sparked after Changpeng Zhao, the co-founder of Binance, took to Twitter on Friday after the Enforcement Directorate of India froze bank assets worth nearly Rs 65 crores belonging to WazirX director Sameet Mhatre. Zhao tweeted, “Binance published a blog post that it had “acquired” WazirX. This transaction was never completed.”

This claim was contradicted by WazirX co-founder Nischal Shetty and both the crypto exchange founders started bickering on the issue over Twitter leaving 15 million registered users of WazirX in limbo.

Also Read: WazirX bank assets worth Rs 67.67 crore frozen after ED searches - BusinessToday

Also Read: Binance denies owning equity in WazirX as exchange faces trouble with ED - BusinessToday