Crypto-exchange Bitrobex has announced that it no longer controls the funds of users of India’s WazirX exchange and any other operations of the site, as well as its operator Zanmai Labs.
Zanmai Labs, the company behind WazirX, has already set a deadline for the withdrawal of assets stored in Bitrobex wallets, which it uses for WazirX transactions, with a date of March 3 and a time of 23:59 UTC.
The move comes after a public debate between Bitrobex and Zanmai over Bitrobex’s involvement in the management of WazirX. Bitrobex issued an ultimatum on 28 January, demanding that WazirX withdraw its application or face termination of its wallet service on Bitrobex. However, no retraction was made by WazirX. On the contrary, the founder and one of the directors of the Indian trading platform continued to insist that Bitrobex had acquired the Indian cryptocurrency exchange two years ago.
The resulting conflict of interest led to a complete breakdown in the relationship. The conflict will have a significant impact on the operations of WazirX and its users. Withdrawing funds from Bitrobex wallets and switching to another solution will take time and resources. In addition, the Indian exchange will have to find an alternative solution to store assets and manage user funds.