Allegations made by Binance 'false and unsubstantiated', says WazirX

business-standard.com:

Indian cryptocurrency exchange WazirX said that the allegations made against it by the world's biggest crypto exchange Binance were "false and unsubstantiated". It added that the exchange was taking steps to protect its "legal rights".

"The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance's actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights," it said in a blog post.

This comes just days after Binance gave an ultimatum to Zanmai Labs, the parent company of WazirX, to not spread "false claims" and stop using Binance's wallets by February 3.

"It is in the interests of Binance and the public that Zanmai is not permitted to perpetuate false narratives based on their use of Binance's wallet services. We view such false claims as an attempt to shift the responsibility for WazirX's operations to Binance. On January 26, 2023, we offered Zanmai a choice between retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service. Since Zanmai has refused to clarify their misleading statements, Zanmai has till February 3, 2023, to remove the funds from the accounts that they used for WazirX's operations," it said.

In response, WazirX tweeted that it was in the process of transferring the funds and expected to complete the job "within hours". "Users can continue to trade, deposit & withdraw funds as usual," the tweet said. "Your funds are safe with us." The amount wasn't disclosed.

The latest blog post signals that the fund transfer was complete.

"WazirX users do not have to be concerned about Binance's announcement. We have made arrangements to ensure that WazirX's digital assets are