MUMBAI, 9th AUGUST, 2022 (GPN):

Patrick Hillmann, Chief Communications Officer, Binance, said,  

“At Binance, we prioritize the protection of users and the community. 

As a result of the recent regulatory action taken against Zanmai Labs Pvt Ltd, in relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case.

In order to provide clarity and protection for users, we are removing the off-chain fund transfer channel between WazirX and Binance. Effective from 2022-08-11 03:00 (UTC), Binance will cease to support off-chain fund transfers between WazirX Exchange and Binance via the “Login with Binance” option. Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX.

Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. Binance believes in keeping an open dialogue with regulators, policymakers and the law enforcement community as we collectively seek to establish a global regulatory framework for the industry.”