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Binance And WazirX: The Clash Of Crypto Exchanges

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According to a blog post on Friday, Binance has requested Zanmai Labs, the company running the Indian cryptocurrency exchange WazirX, to negotiate terms for withdrawing any remaining funds stored in Binance wallets.
The answer purports to allay concerns about what would happen to customer funds if Binance and WazirX decided to cancel their partnership.

Binance stated,

“As an exception, we have invited Zanmai to work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February. However, the responsibility ultimately lies with the Zanmai team to make the withdrawals expeditiously.”

However, it has been reported that WazirX has not responded yet.

Did Binance Lie About Ownership Disputes At WazirX?

The ownership of WazirX was undisputed in November 2019 after Binance, the largest cryptocurrency exchange in the world by trading volume, announced that it had acquired the Indian exchange in a blog post. Executives from WazirX openly discussed the acquisition. The narrative began to shift, though, when WazirX got into trouble with the Indian authorities last summer. Indian authorities searched WazirX’s Mumbai office in the first few days of August on the theory that the exchange had assisted 16 fintech companies in money laundering.

Binance moved right away to officially disassociate itself from WazirX. The original announcement of the acquisition on the former’s blog was changed to reflect that the deal was “limited to an agreement to purchase specific assets and intellectual property.” Changpeng Zhao (CZ), CEO of Binance, stated in a tweet on August 5 that the company “does not own any equity in Zanmai Labs, the entity operating WazirX.” A representative for CZ’s firm told the local media that the claims that the CZ-led-firm owned WazirX were “lies.”

The ownership of the Indian exchange was the subject of months of public back and forth between WazirX and Binance, during which the latter maintained that the transaction never actually happened. Officials from WazirX said that it did and that they had proof, however, they never released it.

In the early morning hours of January 26, an Indian national holiday, Binance delivered WazirX a letter stating that the Indian exchange must comply with two conditions by the end of the month or face having its service agreement with WazirX terminated by CZ’s exchange by February 3.

First, CZ’s exchange instructed WazirX to repudiate previous claims that CZ’s exchange controlled WazirX by publishing a pre-written “clarificatory statement” that was provided by CZ’s firm. WazirX was also compelled to remove all references to CZ’s firm from its terms of service.

Binance Warns Of Massive XRP Transactions Amidst Scrutiny

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A large transaction consisting of XRP tokens is on the way, crypto exchange Binance warned via Twitter. Looks like the seventh-ranked token is poised for an early Christmas. Besides XRP, Chainlink’s token, LINK would also be moved.

In the thread, the trading platform announced that as part of its housekeeping for Binance-pegged tokens, it will be moving the mentioned assets, which are collateral for Btokens, into dedicated wallets.

This wasn’t the first time for the world’s dominant digital asset exchange.

A few days ago, data from Whale Alert spread the word about a staggering 300,000,000 XRP being transferred from a Binance wallet. The value of this Ripple-backed token cryptocurrency in fiat amounts is roughly $11 million.

Prior to that, the exchange sent over 37 million XRP to a wallet that the aforementioned tracker flagged as “unknown.”

Just two crypto transfers from Binance were made in the last 24 hours. 1.2 billion BUSD were also seen to have left this exchange in the previous 10 hours by Whale Alert. In total, close to $2 billion worth of cryptocurrency has been taken out of Binance.

This huge exodus started in the backdrop of the US prosecutor’s office indicating that it is considering filing charges against Binance, the largest exchange by trading volume since it believes the trading platform is laundering money and breaking sanctions.

As reported by TronWeekly, Binance’s latest proof of reserve has been the cause of concern for investors. A report by Nansen revealed that crypto market maker Jump Trading became the largest withdrawer from Binance.

Binance Is XRP’s Largest Liquidity Holder

CEO Changpeng Zhao or CZ slammed the news as FUD [fear, uncertainty, and doubt] and urged everyone not to worry.

Following the reports, Binance tweeted that it was temporarily suspending USDC withdrawals as it engages in a token swap between USDC and BUSD [which is managed by Paxos].

CZ clarified that until the bank launches operations in the United States, it will not be possible to update the account ledgers necessary for this swap at a New York-based bank.

That said, per data provider Nomics, Binance is the biggest holder of XRP liquidity with a daily trade volume of more than $100 million and 150 million XRP in its reserves.

CZ Says That Kevin O’Leary is a Liar, Dismisses His Allegations

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On the CNBC pre-market news program Squawk Box, Binance CEO and co-founder Changpeng Zhao (CZ) referred to Canadian investor and businessman Kevin O’Leary as “a liar.”

In his testimony at a Senate hearing on the FTX scandal on December 14, O’Leary claimed that Binance had forced FTX out of business in order to take over as the world’s monopoly. When Sam Bankman-Fried purchased FTX shares from Binance, O’Leary pointed out that some of the FTX funds were transferred to Binance.

CZ said that he was surprised by O’Leary’s response

CZ responded to O’Leary’s accusations by saying he was shocked by what O’Leary had said.

“Kevin O’Leary is making a bunch of nonsense claims. They don’t make sense, they don’t make any logic.”

Zhao claimed he was unconcerned about the funds of Kevin O’Leary or any other FTX users, even though it appears that all of O’Leary’s FTX funds have been lost. Additionally, the CEO of Binance doesn’t think O’Leary bought shares of FTX without being aware that Binance was also a shareholder.

CZ was asked in the interview if Binance was ready to give bankruptcy trustees the $2.1 billion payment it received from FTX when it sold its 2019 Series A investment.

If bankruptcy proceedings define that the payment was illegitimate or that the person should have had a decent understanding that the payment was fraudulent, any beneficiary within a two-year lookback window may be reclaimed by the trustee.

Zhao said that while Binance is “financially ok,” he would leave it to the “perfectly capable” lawyers to handle the situation.

The repayment was made using a combination of BUSD, BNB, and FTT, according to the CEO of Binance. The FTT portion of the repayment, he continued, was sizeable, but Binance had “forgotten” about it.

An entrepreneur and television personality from Canada named Kevin O’Leary recently discussed how he received $15 million to serve as the spokesperson for FTX during a CNBC interview.

He also mentioned how he lost everything as the exchange broke down. O’Leary also said that he was a victim of “groupthink.” Additionally, he mentioned his over $1 million in FTX equity, which is now worthless.

Binance’s CZ Warns Employees to Brace for Tough Months Ahead

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Changpeng Zhao, the CEO of Binance Holdings Ltd., tried to allay employees’ fears about the company’s financial stability by alerting them to expect challenging months in the future and promising them that the company will overcome current obstacles.

The founder of the largest cryptocurrency exchange in the world, CZ, sent a note to the team in which he indicated that the crypto market is witnessing “a historic moment” and that Binance is in a good financial position and “will survive any crypto winter.”

“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,”

he mentioned in the memo seen by Bloomberg

FTX’s fall brought scrutiny to Binance

Referring to this week’s news on customer withdrawals, he stated that FTX’s recent collapse has led to “a lot of extra scrutinies and serious questions” being raised about his company.

After FTX’s surprise fall, traders opted to take control of their tokens, which caused outflows at other exchanges. One of the exchanges affected by significant withdrawals on Tuesday was Binance, albeit these outflows have now begun to slow down.

CZ’s exchange has experienced massive outflows of money as a result of the FUD that the Reuters piece generated. Patrick, an on-chain analyst, submitted statistics showing that yesterday, almost $5 billion was withdrawn from Binance.

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Binance’s CZ Warns Employees to Brace for Tough Months Ahead 2

According to a recent tweet from Changpeng Zhao, FUD brought about a stress test that will help exchanges that pass the exam gain trust. He also mentioned that customers might utilize TrustWallet to store their own currencies, emphasizing the significance of protecting private keys.

As per CZ, major exchanges have been attempting to spread misinformation about the exchange since day one of the Binance ICO. He also emphasized that they have since learned to disregard the FUD and continue building.

In other news, after about 22 months since the global exchange first made the feature available to its users outside of the United States in 2021, Binance US has begun rolling out its Binance Pay service.

The service, which first launched in beta in February 2021 for peer-to-peer payments before being made available to merchants on March 12 for fee-free transactions, enables mobile users of the Binance app to instantaneously transact with nearly 150 supported cryptocurrencies.

Binance’s CZ Responds To Withdrawals Surge Amidst Investors’ Concern

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Binance’s latest proof of reserve has been the cause of concern for investors. A report by Nansen revealed that crypto market maker Jump Trading became the largest withdrawer from Binance.

Jump’s net withdrawals from the exchange came to be $146 million of digital assets in the past seven days, analyst Andrew of Nansen noted.

These withdrawals included $102 million in Binance USD [BUSD], the exchange’s stablecoin issued by Paxos; $14 million of Tether’s USDT; and $10 million of ether [ETH]. The tweet further read,

Normally Jump has massive inflows/outflows to exchanges This time is different — Jump has redeemed $245 million in BUSD on the month, $106 million in the past week, and $30 million in the past 24 hours Working very hard to cash out & not get burned again.

Investors began to rush in withdrawing funds after a Reuters report about the U.S. prosecutor’s office considering charging Binance and its executives with money laundering and sanctions violations.

CEO Changpeng Zhao or CZ slammed the news as FUD [fear, uncertainty, and doubt] and urged everyone not to worry.

Having said that, there has been a general unease over Binance’s financial health.

Tron’s Justin Sun recently withdraw a total of $50 million from the exchange, which might have further exacerbated the panic. Sun then made an effort to ease the tension by tweeting a link to Etherscan where he had redeposited $100 million USDC into the exchange.

Binance’s Withdrawals Hit Nearly $2B In 24 Hours

On-chain data by Nansen also showed withdrawals across all chains have hit almost $2 billion in a span of 24 hours. Some of the recipients of this inflow included Paxos and Huobi.

Following the reports, Binance tweeted that it was temporarily suspending USDC withdrawals as it engages in a token swap between USDC and BUSD [which is managed by Paxos].

CZ clarified that until the bank launches operations in the United States, it will not be possible to update the account ledgers necessary for this swap at a New York-based bank. He added that Sun’s Binance deposit was a step in the deployment of BUSD onto TRON.

“These are 1:1 conversions, no margin or leverage involved. We will also try to establish more fluid swap channels in the future. In the meantime, feel free to withdraw any other stablecoin, BUSD, USDT, etc,” he added.

Binance Increases OG $1B To Another Billion As Crypto Recovery Fund

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Changpeng “CZ” Zhao, CEO of Binance, first stated that his exchange is establishing an industry recovery fund to aid in the sector’s reconstruction.

According to CEO Changpeng “CZ” Zhao, Binance is aiming for a $1 billion or more recovery fund to buy troubled crypto assets, which was previously revealed.

According to the news outlet, CZ said,

“If that’s not enough we can allocate more.”

Following the demise of FTX and its CEO Sam Bankman-Fried, CZ has emerged as a significant player in the sector over the past few months, solidifying his status as a significant leader. On Twitter earlier this month, he voiced his worries about FTX and abandoned a proposal to buy it to help it out of its financial difficulties.

A number of businesses, including lender BlockFi, are reportedly planning for bankruptcy as a result of the industry-wide effects of FTX’s insolvency.

Binance will be introducing a recovery fund “to aid projects who are otherwise healthy, but in a financial problem,” CZ stated last week.

According to CZ on Thursday, the exchange will have a “loose approach where different industry players will contribute as they wish.” A thorough blog article will shortly be published.

Binance CEO Announces Additional Allocation

The industry recovery fund at the cryptocurrency exchange Binance has received an additional $1 billion in funding, bringing the total amount of the fund to almost $2 billion.

“CZ”, CEO of Binance, made the additional allotment public on Friday.

A day after CZ stated that Binance is aiming for $1 billion for its crypto recovery fund, the size has increased. Along with other well-known cryptocurrency businesses, Aptos Labs and Jump Crypto joined CZ’s initiative and will each make a $50 million donation to the fund.

The industry would be supported and troubled crypto assets would be purchased using the recovery fund. Since the beginning of the year, the cryptocurrency market has experienced a sharp downturn, which has caused a number of crypto enterprises to close their doors.

BTC is currently trading 1.6% lower during the day and is hanging around $16,400 at the time of writing, indicating that the cryptocurrency market is still under pressure.

Binance’s CZ Discloses $1 Billion Fund for Potential Purchase of Distressed Assets

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According to Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao, the company is aiming for a fund of about $1 billion for the potential acquisition of distressed assets in the digital asset sector.

In a turbulent time for crypto, Zhao has played a pivotal role. Sam Bankman-Fried’s FTX exchange and trading house Alameda Research fell because of his tweets highlighting worries about their condition.

CZ also stated that if it is not enough he can allocate more in a recent interview with Bloomberg Television’s Haslinda Amin. 

Binance stands tall as the sturdiest among tough waves

Following FTX’s erratic bankruptcy filing, Binance solidified its status as the biggest cryptocurrency trading platform in the world.

Zhao stated last week that Binance is preparing an industry recovery fund to aid solid projects experiencing a liquidity crunch. He stated, attempting to assume the role of crypto’s chief rescuer, that the objective is to stop the spread of the crisis caused by FTX.

In the interview on Thursday, Zhao stated that a blog post about the fund would be published soon and that Binance had spoken to several key figures in the sector about it.

The well-known cryptocurrency exchange FTX filing for bankruptcy has completely upended the market. Earlier this month, Binance consented to make a non-binding donation to the struggling company. However, it quickly shifted its position and declared that it had no control over the issues.

Amidst a loss of trust in CEX, CZ suggested all exchanges follow Merkle-tree-proof-of-reserves. The CEO of Binance, CZ, announced the release of “proof of reserves” on Twitter once more.

CZ claims that a “Merkle tree” is the data structure used by blockchains to store transaction data. As a result, “Merkle-tree proof of reserves” may refer to a technique that uses public blockchain data to show that the crypto assets of exchange users are secure.

For Binance, the past few months have been full of ups and downs. As part of its expansion plans, the biggest cryptocurrency exchange in the world was able to obtain permission to operate internationally. However, it has also emerged as one of the sturdiest exchanges out there.

Binance’s CZ Comes as Support for Elon Musk Amidst the Twitter Employee Chaos

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Friday, amid a trend on Twitter that reads “RIP Twitter,” Binance CEO Changpeng Zao (CZ) spoke out in aid of Elon Musk, the CEO of Twitter. After the recent ultimatum by the Twitter CEO to choose between working intense, incredibly hard-core, long hours or losing their jobs, the trend #RIPTwitter exploded onto the scene.

CZ stated that the more successful you are, the more people FUD about you. He also added that it makes you stronger and not weaker.

CZ shows his support for Elon Musk

illy Markus, the creator of Doge, pokes fun at Twitter in a post titled “RIP Twitter,” comparing its demise to that of Google Plus. In a recent tweet thread, Markus also makes fun of Twitter employees, claiming that they intend to leave with their money rather than work long hours to save a “dying company” (Twitter).

Following an order from the new owner Elon Musk, hundreds of Twitter employees left the company, flooding Twitter with heartfelt messages. The hashtag #RIPTwitter started to trend on Twitter as users questioned whether the service would be discontinued.

Others shared memes of gravestones with the epitaph “Mr. Musk killed the service,” while some users made light of the fact that there was only one employee left. Some users claimed to have switched to other social media platforms.

On Wednesday, Mr. Musk gave the remaining Twitter employees less than 36 hours to resign or pledge to work on “a breakthrough Twitter 2.0.” He said those leaving would receive a three-month severance package.

According to the NY Times, four people with knowledge of the discussions said that Mr. Musk and his advisers met with some Twitter employees they considered “critical” in order to prevent them from leaving. He seemed to soften his standpoint on not letting people work from home before alerting their managers, sending conflicting messages about the company’s remote work policy.

Ever since Twitter was taken over by Elon Musk, he has been working on implementing changes to make it a better place. Musk is known for his workaholic nature and is very committed to his work despite of being the wealthiest person.

Here’s What Binance’s CZ Has To Say About SBF

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The bankruptcy of reputable cryptocurrency exchange FTX has caused complete turmoil in the industry. Binance agreed to make a non-binding contribution to the troubled business earlier this month. Then, though, it quickly changed its mind and said that it was powerless to do anything about the problems.

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Binance CEO, CZ

Changpeng Zhao, the co-founder and CEO of Binance, recently lambasted Sam Bankman-Fried, the outgoing CEO of the insolvent exchange FTX. Zhao was asked to comment on a tweet sent by SBF on Thursday that referred to him as a “sparring partner” at the Milken Institute’s Middle East and Africa Summit.

Binance’s CZ Believes That SBF Should Have Worked On Other Things

Speaking on the same, CZ said,

“When he tweets about a sparring partner, his house is burning and all this is happening, he’s losing focus… That day when he tweeted that, he should have been working on other things. He should not be writing tweets.”

He further added,

“… he never told me I was his sparring partner. I’m actually not sure if that tweet was aimed at me or us (Binance).“

Further asserting that “only a psychotic can post that message,” the Binance CEO claimed that he had never seen other exchanges as direct rivals. More so because cryptocurrency was still in its infancy. He went on to say more, saying,

“We haven’t even reached 1% adoption. We can grow the industry 100x… We never view other exchanges as sparring partners or competition—it’s not a boxing match.”

Zhao clarified the situation further by claiming that Bankman-Fried was the one who approached him just as FTX was about to collapse. He continued by saying that when Bankman-Fried approached him, they knew he was “desperate.”

When SBF first contacted CZ, the latter believed he was going to request an OTC agreement to buy the FTT tokens in order to reduce market commotion. The former FTX CEO did, however, “quite rapidly indicate that they’re in significant danger, and they’re seeking for a buyout” on the call. CZ added,

“It didn’t take us very long to figure out there were way bigger problems [at FTX] than we imagined.”

Binance Scores FSP Approval To Offer Crypto Custody Services In Abu Dhabi

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Binance, the world’s biggest cryptocurrency exchange, has been granted Financial Services Permission [FSP] from the Financial Services Regulatory Authority [FSRA] in the Abu Dhabi Global Market [ADGM].

In accordance to the press release, the FSP approval will allow the exchange to offer crypto custody to professional clients, provided they satify the neceassary requirements of the FSP set by the regulatory authority, FSRA.

“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,” Ahmed Jasim Al Zaabi, Chairman of ADGM, said.

Richard Teng, Regional Head of MENA and Europe, commented: “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector’.

Back in April 2022, Binance secured its In-Principle Approval [IPA] from the ADGM regulator to function as a broker-dealer in virtual assets.

“Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city’s progressive stance on virtual assets,” Dominic Longman, the firm’s senior executive officer, said in a statement.

Binance CEO- ” Crypyto Does Not Need Saving”

The United Arab Emirates has become a centre for the cryptocurrency business as a result of the establishment of some of the largest crypto companies in the world in the commercial capital of Dubai, including Binance, which is assisting Dubai in creating rules for the city’s industry.

The chief executive of Binance, Zhao, revealed at a recent conference in Abu Dhabi that the recovery fund his company intends to establish to assist cryptocurrencies facing a liquidity crunch as a result of the demise of rival FTX has garnered considerable interest from industry players.

Zhao added that he doesn’t have a predetermined cap in mind for the recovery fund’s size. He stated, reluctant to name any players just yet, “There are players with good financials and we should come.

While reiterating that Binance had solid reserves, the chief executive however did not provide an estimate of the amount that the business would donate to the fund. Crypto doesn’t require saving, according to Zhao. “Crypto is going to be OK”.

Besides Binance, Kraken claimed to be the first global digital assets exchange group in the United Arab Emirates to receive a full financial license from ADGM in April.