New Delhi, Feb 8 (IANS): Indian cryptocurrency exchange WazirX has said that allegations levied by global crypto company Binance are false and misleading.

In a statement, Nischal Shetty-run WazieX said that its users do not have to be concerned about Binance's announcement.

"We have made arrangements to ensure that WazirX's digital assets are stored in accordance with industry-leading standards. Users can continue to trade, deposit, and withdraw their funds as usual," the company said.

Binance late last month sent WazirX an ultimatum demanding that the exchange remove what it referred to as a "false and misleading narrative" or stop utilising its crypto wallets by February 3.

However, Binance later said in a blog post that it was making an exception and inviting WazirX to "work out arrangements to withdraw any remaining assets in the relevant accounts."

WazirX replied, saying it had begun the process of transferring assets to wallets, and expected the process to be completed "within the next few hours."

WazirX now says the allegations made by Binance in their blog are false and unsubstantiated.

"As far as Binance's actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights," it added.

The tussle first erupted in August last year after Enforcement Directorate (ED) raids on WazirX's Singapore-based parent company Zanmai Lab and Binance completely disowning the Shetty-run platform.

On November 21, 2019, Binance said it had "acquired" WazirX.

Amid the controversy, Zanmai Lab had said in a statement that "WazirX is a platform co-operated by Zanmai Labs Pvt. Ltd. (Zanmai Labs) and Binance".

After the ED raids on Zanmai Labs, Binance first disowned WazirX, and then said that it is removing the off-chain fund transfer channel between WazirX and Binance.

Changpeng Zhao, founder and CEO of Binance, had said in a tweet thread that the company "does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders".