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Panic hits India crypto community after Binance CEO CZ says exchange could shut down WazirX platform

Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, has stirred panic among users of WazirX. CZ said Binance could shut down the Indian cryptocurrency platform and has advised its users to transfers their funds to Binance.

“In light of recent events about WazirX, we wanted to assure you that operations are being conducted as normal,” WazirX responded on Telegram.

WRX is down around 11% since Friday currently priced at $0.2476, according to CoinMarketCap data.

WazirX Vice President Rajagopal Menon also tried to quell fears, stating, “We are the only large crypto exchange that allows complete withdrawals of cryptos in India and that shows how solvent we are and how sensible our business model is. Indian rupee (INR) withdrawals are working, and there is no issue in terms of the structural viability of the company. Users crypto is safe.”

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