Will Binance CEO Shut Down WazirX? Should Users Panic

Changpeng Zhao, CEO of Binance came out to clear the company’s stand after Enforcement Directorate raided and froze some assets of WazirX. However, he stressed that they could shut down the troubled crypto exchange.

WazirX co-founder clarifies

Nischal Shetty, Co-founder of WazirX has made several statements countering Binance CEO. He mentioned that the “We could shut down WazirX” remark directly proves that CZ holds complete control. While Shetty appreciated that CZ confirmed that the WazirX domain was transferred to Binance’s control.

However, WazirX co-founder also mentioned that they only as Zanmai and asked why CZ is not taking that up.

Nischal Shetty assured that all users’ assets in Crypto and INR on the platform are safe for now. They have always ensured that KYC is conducted and other policies were followed. He added that WazirX only allows bank transfers so every transaction is traceable. However, their database records WazirX to Binance transfer. This key detail is kept between users and accounts.

He further added that with off-chain transfer options, a user can only send assets to their own account. However, there is a KYC for those transfers only. Shetty mentioned that whenever the authorities have asked for details, WazirX has always complied with it.

Exchange to take action against ED?

In the meantime, WazirX issued a statement highlighting that they are completely cooperating with the ED over the past few days. They have transparently responded to their all queries. However, the exchange does not agree with the allegation pressed by the government agency.

It later added that the exchange is notwithstanding with ED’s action. Their team is evaluating the further plan of action. However, this process will not affect the current deposits and withdrawals.

Earlier, CZ in a Twitter thread mentioned that they could have taken down the WazirX but they weren’t able to do that. He mentioned that Binance does not have any kind of control over operations which includes sign up, KYC and trading.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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