Binance Controls WRX Token, WazirX Reveals

Indian crypto exchange WazirX has provided more clarity regarding its ties with Binance. WazirX announced in a post yesterday that the world’s leading crypto exchange Binance controls the WRX token.

WazirX revealed that Binance conducted the WRX token IEO (Initial Exchange Offering) and kept all the proceeds from the sale that amounted to nearly $2 million.

Binance holds 580.78 million WRX tokens

WazirX announced in a blog post that Binance is currently holding a total of 580.78 million locked and unlocked WRX tokens. From the unlockedWRX tokens, Binance transferred a total of 116.8 million(11.68% of the total supply) to a treasury account of Binance on binance.com in four transactions on various dates, the Indian exchange revealed.

WazirX further clarified that their team did not receive any token allocations from Binance.

Binance failed to conduct quarterly WRX burn

WazirX revealed that Binance is responsible for conducting the quarterly burn of WRX tokens. The last WRX burn event for the quarter of Oct – Dec 2021 was executed by Binance on the unlocked token on 9th March, 2022, where $6 million worth of WRX were burned. CZ led crypto exchange has failed to conduct the quarterly burn for the past 5 quarters i.e. since Jan 2022 onwards.

WazirX users were kept in the dark about the management of WRX tokens all this time. The news did not have a massive impact on the price of the token as it was down 3% at time of writing.

Binance and WazirX have been feuding over the ownership of the exchange for a year now. Earlier, Binance stopped providing wallet services to WazirX and asked the Indian crypto exchange to withdraw its assets from Binance wallets. With Binance failing to conduct quarterly burns in more than a year, it might seem like the exchange has abandoned the project altogether.

Binance has not responded to these claims as of yet.

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, cover breaking news, and write editorials. When not working, you’ll find him reading Russian literature or watching some Swedish movie.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.