Transfers From Binance To WazirX Has Been Blocked, Users Fear Safety Of Their Deposit

All transfers from Binance to WazirX has been halted and this news was released by a blockchain investor named Akuma who shared this Binance development on Twitter. Akuma has over one lakh followers on Twitter.

Just noticed #binance has disabled option to transfer funds from Binance to wazirx.

However we could still easily transfer funds from wazirx to binance.

I think this does hurt users @cz_binance @NischalShetty pic.twitter.com/buu5VvagfB

— Akuma (@akumatweets66) August 6, 2022

The latest development comes in the background of an open debate between Binance and WazirX founders about Indian exchange’s control, and Binance CEO CZ has made a big move.

Akuma revealed that Binance has disabled option to transfer funds from Binance to WazirX. However he revealed that transfer of funds from WazirX to Binance is still possible without any hassle.

Binance To WazirX Transfers Stopped, Users Left In A Limbo

The Binance CEO CZ had earlier stated that his exchange could shut down the WazirX domain but it is not doing it. The CEO also asked the users to transfer their funds from WazirX to Binance. It is reported that WazirX has started charging fees on such transfers. The news of the suspension of transfers by Binance is slowly spreading across the social media and users have already expressed their displeasure over the latest move by Binance.

Questions About Fund Safety

The situation is getting even more complex with the CZ threatening extreme action. However, Binance has stated that it is not going to shut down the in-trouble exchange because it will lead to users getting hurt financially. However, the latest move by Binance is not being seen in a positive way and users are venting their anger on different social media forums.

Users are increasingly anxious about the safety of their funds in WazirX and are urging the community to withdraw their funds and transfer them to Binance regardless of the fees.

WazirX CEO Nischal Shetty, however, stated that all crypto assets INR on the platform are “safe for now.”

Users have taken to the social media to vent their anger and were suggesting other users to withdraw funds from  WazirX and transfer it to Binance and other exchange.