India’s prime crypto trade WazirX stated Binance performed the preliminary trade providing (IEO) for its WRX token and nonetheless controls the token provide.
In a Could 16 assertion, the WazirX group clarified the token’s administration, saying Binance stored all of the proceeds from the IEO — about $2 million — for itself.
“It is very important notice that the WazirX group hasn’t obtained any token allocations,” the group stated.
WazirX stated all of the wallets containing locked and unlocked WRX tokens are managed by Binance. It added that Binance held unlocked the WRX tokens in its account and that the Changpeng ‘CZ’ Zhao-led trade performed its quarterly burns.
Binance allegedly holds 580M WRX tokens
In line with the WazirX group, Binance at present holds 580.7 million items of locked and unlocked WRX tokens — value roughly $74.5 million on the present worth of the token.
Of the unlocked tokens, Binance moved 116.8 million WRX tokens to its treasury in 4 transactions between April 2021 and March 2022.
WazirX added that Binance had didn’t conduct any of the scheduled quarterly burns for WRX since January 2022.
“We wish to make clear that Binance is accountable for conducting the quarterly burn of WRX tokens,” it stated.
On Could 10, Binance moved the WRX token and 15 others to its innovation zone, citing their larger volatility and dangers.
Binance has but to answer CryptoSlate’s request for remark as of press time.
Binance, WazirX relationship stays murky
In the meantime, the clarification provides an additional twist to the connection between Binance and WazirX. The 2 exchanges have been concerned in a lengthy feud over the possession construction of the Indian trade.
Whereas the WazirX group maintains that it’s owned by Binance, the CZ-led agency says it solely affords pockets companies and tech help to the Indian trade.
The feud culminated within the termination of their relationship in February, with Binance telling WazirX to withdraw its belongings from the trade.
In the meantime, WRX is buying and selling at $0.124 and has declined by over 7.1% previously seven days, in line with CryptoSlate’s knowledge.
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