After a long break from the Binance vs WazirX conflict, the WazirX exchange published new information for the WazirX customers over “WRX token” ownership.
WazirX exchange was acquired by the Binance exchange in 2019 but in late 2022, Binance CEO Nischal Shetty & Binance CEO Changpeng Zhao (CZ) targeted each other. Binance CEO claimed that WazirX never handed over all the WazirX exchange’s control power, while WazirX CEO said Binance controlled the whole portion of the exchange but the customer KYC verification system & customer info were always under the full control of the WazirX team.
The whole controversy resulted in an outcome: the WazirX team handed over all the power to the Binance exchange, except the customer KYC part.
On 16 May, WazirX published information regarding the WRX token and confirmed that the WRX token was launched by the Binance exchange under full ownership and also Binance holds all the sale proceeds of WRX IEO (i.e., 108,401 BNB tokens worth USD 2 Million).
As we know that WazirX & Binance team planned WRX token burn every quarter but due to the conflict between these two crypto exchanges, WRX tokens were not burned by WazirX or Binance, after the 7th burn for the quarter of Oct-Dec 2021.
The WazirX team confirmed that the Binance exchange is holding all 580.78 Million worth of WRX tokens and the Binance exchange must burn the WRX tokens.
The majority of the crypto Twitter users noted that conflict between these two exchanges, because of bad deals, resulted in a very big problem for the WRX token holders, as they are losing trust with WRX token holdings.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.