WazirX says Binance controls its WRX token

India’s apical crypto speech WazirX said Binance conducted the archetypal speech offering (IEO) for its WRX token and inactive controls the token supply.

In a May 16 statement, the WazirX squad clarified the token’s management, saying Binance kept each the proceeds from the IEO — astir $2 cardinal — for itself.

“It is important to enactment that the WazirX squad hasn’t received immoderate token allocations,” the squad said.

WazirX said each the wallets containing locked and unlocked WRX tokens are controlled by Binance. It added that Binance held unlocked the WRX tokens successful its relationship and that the Changpeng ‘CZ’ Zhao-led speech conducted its quarterly burns.

Binance allegedly holds 580M WRX tokens

According to the WazirX team, Binance presently holds 580.7 cardinal units of locked and unlocked WRX tokens — worthy astir $74.5 cardinal astatine the existent terms of the token.

Of the unlocked tokens, Binance moved  116.8 cardinal WRX tokens to its treasury successful 4 transactions betwixt April 2021 and March 2022.

WazirX added that Binance had failed to behaviour immoderate of the scheduled quarterly burns for WRX since January 2022.

“We would similar to clarify that Binance is liable for conducting the quarterly pain of WRX tokens,” it said.

On May 10, Binance moved the WRX token and 15 others to its innovation zone, citing their higher volatility and risks.

Binance has yet to respond to CryptoSlate’s petition for remark arsenic of property time.

Binance, WazirX narration remains murky

Meanwhile, the clarification adds a further twist to the narration betwixt Binance and WazirX. The 2 exchanges person been progressive successful a long feud implicit the ownership operation of the Indian exchange.

While the WazirX squad maintains that it is owned by Binance, the CZ-led steadfast says it lone offers wallet services and tech enactment to the Indian exchange.

The feud culminated successful the termination of their narration successful February, with Binance telling WazirX to retreat its assets from the exchange.

Meanwhile, WRX is trading astatine $0.124 and has declined by implicit 7.1% successful the past 7 days, according to CryptoSlate’s data.

The station WazirX says Binance controls its WRX token appeared archetypal connected CryptoSlate.