Binance will ceased support to off-chain fund transfers between WazirX and the company from August 11, 2022.
Patrick Hillmann, Chief Communications Officer, Binance, said in a press release, "As a result of the recent regulatory action taken against Zanmai Labs Pvt Ltd, in relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case. In order to provide clarity and protection for users, we are removing the off-chain fund transfer channel between WazirX and Binance."
Binance will cease to support off-chain fund transfers which was available via the 'Login with Binance” option. "Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," the release added.
Meanwhile, the biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), were trading in the green on Monday. The global crypto market capitalization stood at $1.14 trillion as of 6:10 pm, an increase of 4.29 per cent. The total crypto market volume stood at $55.57 billion, with a rise of 34.79 percent.
The market cap of DeFi tokens rose 38.40 per cent to $6.2 billion in the last 24 hours.
As of 6:10 pm, Bitcoin (BTC) was trading at $24,123.93, with a rise of 4.53 per cent, and its market cap stood at $461,150,371,278, up 4.54 per cent. Its trading volume increased by 51.31 per cent.
Zipmex plans to let users withdraw BTC and ETH from their Z wallets. The Singapore-based company had halted withdrawals amid the crypto meltdown. Users can withdraw BTC from Aug 16. Zipmex is planning to release a specific amount of funds.
Ethereum (ETH) was trading at $1798 with a 6.28 per cent rise in 24 hours. Its market cap rose 6.09 per cent to $219,211,429,504. Its trading volume is 14.3 billion, with a rise of 35 per cent. User can withdraw ETH stuck in their Zipmex Z wallet from Thursday.
Other Alt coins
Solana (SOL) was trading at $43.09 with a 7.24 per cent increase. Its market cap stood at 15,008,556,116 and trading volume was up by 56.33 per cent.
Cardano ((ADA) was trading with a rise of 5.09 per cent at $0.5433 and the market cap increased by 5.13 per cent to $18,337,614,433.
Binance coin (BNB) was trading with a rise of 4.65 per cent at $331.47. Its trading volume was up by 27.44 per cent to 1,300,326,668.
Dogecoin (DOGE) rose by 2.94 per cent to $0.07098, with a market cap of $9,417,569,068. The trading volume is up by 35.84 per cent to $287,081,994.
Its rival coin Shiba Inu (SHIB) was up by 4.49 per cent at 0.00001253, its market cap stood at $6,881,621,341, with a 4.49 per cent rise.