Insights have emerged for users amidst the conflict between two national crypto exchanges. As the dispute between WazirX and Binance continues, WazirX has highlighted the dominance of Binance over the WRX token thus far.
In a recent statement made on May 16, the WazirX exchange highlighted an important point. They emphasized that Binance conducted the Initial Exchange Offering (IEO) for WazirX’s native token, WRX, and currently maintains control over the token’s supply.
According to a clarification provided by the WazirX team, it has been revealed that Binance collected and retained all the proceeds from the WRX IEO, which amounted to approximately $2 million USD.
Furthermore, the team clarified that Binance currently holds approximately 580.78 million locked and unlocked WRX tokens, which equates to an estimated value of nearly $74.4 million based on the current market valuation.
The WazirX team made an important revelation, stating that “the WazirX team has not received any token allocations.” And the team has placed the blame on Binance regarding the quarterly burn of WRX tokens.
In a recent development, the world’s largest cryptocurrency exchange, Binance, made the decision to discontinue wallet services for WazirX, a digital currency exchange based in India. This decision has sparked a feud between the two crypto exchanges that has been ongoing for several months.
Reportedly, Binance has conducted a series of transactions, transferring a total of 116.8 million WRX tokens to a treasury account on Binance.com. These transactions took place on different dates and involved the transfer of unlocked tokens, amounting to approximately 11.68% of the total supply.
After the announcement, the WRX token experienced minor selling pressure throughout the week, resulting in a slight drop in price. Currently, the token is trading at $0.1276, reflecting an overnight decrease of 1.4%.