WazirX to stop support for off-chain fund transfers with Binance: Details here

WazirX has announced that it will cease to support off-chain fund transfers between WazirX and Binance. WazirX users won’t be able to use the “Login with Binance” option. Despite the ceasing of off-chain funds, WazirX and Binance users will be able to deposit and withdraw balances via the standard on-chain withdrawal and deposit process. WazirX has announced that the off-chain fund transfers will stop operating from August 11 at 7:30 AM IST. Binance had announced that it won’t support WazirX off-chain transfers.

The move comes just days after WazirX came under ED scanner and its assets worth Rs 64.67 crore. The ED flagged WazirX as it failed to give the crypto transactions of the suspect fintech APP companies and reveal the KYC of the wallets. ED claimed that the transactions were not recorded on the blockchain either.

The users will have to separately enter the Binance wallet address on WazirX and vice versa, in order to make successful transactions. The transfers will be recorded on the respective Blockchains like Bitcoin (BTC) or Ethereum (ETH).

WazirX issued a statement claiming that users who use ‘Login via Binance’ can continue to login to the WazirX exchange by using the ‘Forgot Password’ option to reset the password and entering the same email as the email on their Binance account WazirX will continue to explore additional options to expand the scope of on-chain deposits and withdrawals.

The investors need to keep in mind that those who withdraw crypto to international exchanges, should know that they do not have a TDS framework in place. Also, many of them have no visibility over the user’s real identity or the scale of transactions. The responsibility of deducting TDS will be on the individual instead.

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