Nowadays, it’s very common for two companies who sell or offer similar goods or services to rival as both companies want to snatch each other’s customers and want to be at the top. A new rivalry added to this long list that creates havoc among the Crypto community.
The Binance-WazirX dispute is causing quite a stir in the Indian crypto world as WazirX, an India-based exchange has been told to move its funds out of the prominent cryptocurrency trading platform. Binance and WazirX’s collaboration may have ended on an acrimonious note, but the former has offered a viable solution to ensure that any remaining assets held in Binance wallets are withdrawn without hassle.
While some might find it comforting that no customer funds are at risk now, one can’t help but ponder over what could have been if both entities had exercised more prudence.
Dispute between Binance and WazirX
The dispute between the two crypto giants arose when Binance’s CEO made controversial statements against the Indian crypto player. Binance’s comments were not only distasteful but potentially damaging to WazirX who had been going through a difficult period with allegations of money laundering and ED raids.
Zhao’s tweets were particularly inflammatory; not only implying that Binance could close the Indian wallet service at their discretion, but also essentially encouraging users to shift funds from WazirX to Binance. Zhao further claimed that “Binance has no shareholding in WaxirX.
In a response to the crypto giant CEO’s claims WazirX co-founder Nishchal Shetty also gave a statement. Nishchal’s statements regarding the sale of WazirX to Binance have served to exacerbate an already heated dispute which ultimately became the major reason behind their broke up.