WazirX has made an effort to bring clarity to contentious aspects of its ongoing dispute with Binance. The feud between the two exchanges has persisted for several months. Is there light at the end of the tunnel?
WazirX, an India-based exchange, has released a statement clarifying that Binance controls the WRX token. The exchange revealed that Binance conducted the initial exchange offering (IEO) for WRX. And also confirmed that Binance collected and kept all sale proceeds from the IEO.
WazirX and Binance Interact
Binance, the world’s largest exchange, also manages and controls the wallets holding locked and released WRX tokens. This includes the release of such tokens based on the WRX Release Schedule.
WazirX has provided a list of wallet addresses where Binance currently holds 580.78 million locked and unlocked WRX tokens.
Binance reportedly transferred 116.8 million WRX tokens (11.68% of the total supply) to a treasury account on binance.com in four transactions on various dates from these unlocked tokens.
According to the new statement, the WazirX team has not received any token allocations. And Binance is responsible for the quarterly burn of WRX tokens.
The last WRX burn event for the October–December 2021 quarter was executed by Binance on the unlocked token mentioned above on March 9, 2022. Binance burned a total of 9,633,333 WRX, equivalent to ₹47 Crores INR ($6 million) during the seventh burn event. However, Binance has not conducted the quarterly burn for the past five quarters, i.e., from January 2022 onwards.
WazirX has shared details of the pending burns, including the number of WRX to burn in each period.
WazirX and Binance Clash
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Author: Josh Adams
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