How to transfer usdt from binance to wazirx in app
At Binance, we prioritize the protection of users and the community.
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. Effective from 2022-08-11 03:00 (UTC), Binance will cease to support off-chain fund transfers between WazirX Exchange and Binance 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.
Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. Binance believes in keeping an open dialogue with regulators, policymakers and the law enforcement community as we collectively seek to establish a global regulatory framework for the industry.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
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Based on recent events and the announcements made by Binance, we have made the following changes:
Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the “Login with Binance” option.
Users will still be able to deposit and withdraw balances via the standard on-chain withdrawal and deposit process.
Users who use ‘Login via Binance’ can continue to login to the WazirX exchange by using the ‘Forgot Password’ option to
reset the password
and entering same email as the email on their Binance account
- WazirX will continue to explore additional options to expand the scope of on-chain deposits and withdrawals.
Please note – For those withdrawing crypto to international exchanges, most of these exchanges do not have a TDS framework in place. Also, many of them have no visibility over the user’s real identity or the scale of transactions. Thus, putting the onus of deducting TDS on the individual, which is nearly impossible.
As per section 194S of Income Tax Act, it is mandatory for the buyer (whether a resident of India or not) to deduct 1% (5% in some cases) of the amount paid to the Indian seller for transactions more than Rs.10,000.The Central board of direct taxes, in a notice dated June ’22, mandates a person who is responsible for paying any resident any sum by way of consideration for transfer of crypto to deduct an amount equal to 1% of such sum as income tax thereon.The tax deduction is required to be made at the time of credit of the sum to the account of the resident or at the time of payment whichever is earlier.
WazirX has a framework for complying with the TDS as per government notification. We request the users not to panic and take the right decision.
Thank you for your support,
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. WazirX will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.
Although things regarding the legality of cryptocurrencies remain a ‘grey’ area in the Indian subcontinent, there’s no restriction regarding buying/selling or trading cryptocurrencies. Users have a couple of cryptocurrency exchanges like WazirX, Zebpay and Binance to buy/sell cryptocurrencies.
While you can buy cryptocurrencies from one exchange and transfer them to another crypto exchange through their respective wallet addresses, it’s still a hassle transferring cryptocurrencies. However, Binance and WazirX, due to the latter being acquired by the former, allows a seamless transfer of cryptocurrencies from one to another and vice-versa.
Through Binance’s integration with WazirX, users can transfer cryptocurrencies from one exchange to another at no additional cost. In addition, users can enjoy the flexibility and ease of use access in WazirX while exploring the new trading options like Spot Trading, Futures and Options Trading, BNB vault, BNB DeFi Staking and Launchpool on Binance.
An additional advantage is that only WazirX offers to purchase cryptocurrencies with INR using traditional payment methods such as UPI, Instant Deposit, and IMPS/NEFT/RTGS.
But the question remains, how can one transfer assets from Binance account to WazirX?
You’ll have to connect your Binance and WazirX accounts.
Firstly, you need to create accounts on both exchanges. After that:
- Log in to your Binance wallet, select wallet following which you’ll see Overview. Click on that and choose “WazirX.”
2. Click “Connect WazirX” on the pop-up window that shows up.
3. Click “Login via Binance” on the following webpage that shows up.
4. Ensure your email address through which you’ve logged in to both the exchanges is the same. Following that, it’ll ask you to “Continue”. If the abovementioned information is correct, click “Continue.”
5. It’ll ask you to authenticate your account with 2-factor authentication. Authenticate with your existing security method.
6. If everything goes well, you’ll see the following pop-up on your screen, which means you’ve successfully integrated both of your accounts. Now you can transfer crypto-assets from one exchange to another.
Now you can transfer funds from Binance to WazirX and vice-versa.
In this guide, we’ll explain to you how to transfer your assets from Binance to WazirX. The process to transfer vice-versa is pretty similar too.
- Log in to your Binance account and select “Wallet.”
2. After selecting a wallet, click on “Overview.” You’ll be greeted with this window. Look for “WazirX” and the lower-left part of the window and select it.
3. After clicking on “WazirX”, you’ll be asked which cryptocurrency you want to transfer, the transaction amount, and which wallet you want to transfer. By default and for most users, this will be your Spot wallet. Choose your cryptocurrency, enter the desired amount and click “Confirm.”
Your assets will be immediately transffered to your WazirX wallet through which you can exchange them in your desired cryptocurrency or fiat currency.
India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens
India’s Directorate of Enforcement (ED) says it has frozen more cryptocurrencies, including bitcoin, tether, and the Wazirx token. The action is part of its investigation of the mobile gaming app E-nuggets. In its latest announcement, the ED revealed that nearly 86 bitcoins found at crypto exchange Binance were frozen.
Indian Authority Freezes More Cryptocurrencies: Bitcoin, Tether, Wazirx Token
India’s Directorate of Enforcement (ED) announced Friday that it has frozen two more cryptocurrencies under the country’s Prevention of Money Laundering Act (PMLA). The ED is the Indian government’s law enforcement and economic intelligence agency. The announcement details:
Directorate of Enforcement (ED) has freezed the crypto currencies WRX (utility token of Wazirx) and USDT (tether, an Ethereum token that is pegged to the value of a U.S. dollar) equivalent to Rs 47.64 lakhs.
The ED initiated a money laundering investigation of Aamir Khan and others relating to E-nuggets on the basis of an FIR dated Feb. 15, 2021.
Aamir Khan, S/o Nesar Ahmed Khan launched E-Nuggets, “which was designed for the purpose of defrauding public,” the Indian authority said. “Further, after collecting handsome amount from the public, all of the sudden, the withdrawal from the said app, was stopped, on the pretext of one and other excuses.”
The agency explained that its investigations have revealed that the accused transferred the amount earned through the E-nuggets gaming app using a cryptocurrency exchange, elaborating:
Amount equivalent to Rs 47.64 lakh was found in the wallet of Wazirx (crypto exchange) belonging to Aamir khan and its associates and the same has been freezed under PMLA.
In addition, the ED noted that during searches conducted earlier against Amir Khan, Rs 17.32 crore cash was found and seized from the residential premises.
Indian Authority Freezes More Bitcoin at Binance
The latest announcement by the ED states:
85.91870554 bitcoins equivalent to USD $1,674,255.7 (equivalent to Rs 13.56 Cr approx. as per market exchange rate) found in balance in Binance exchange was freezed.
In an earlier announcement, the ED said it had frozen 77.62710139 bitcoins on Binance. That means the ED froze 8.29160415 more BTC.
Binance was believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently said that the acquisition “was never completed,” emphasizing that “Binance has never — at any point — owned any shares of Zanmai Labs, the entity operating Wazirx.”
The ED froze the bank assets of Wazirx worth more than $8 million in August. However, earlier this month, Wazirx said that its bank accounts have been unfrozen. Following Wazirx, the ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched crypto exchange Coinswitch Kuber. However, the exchange’s CEO said that it was not related to money laundering investigations.
What do you think about the Indian authority freezing more cryptocurrencies amid money-laundering investigations? Let us know in the comments section below.
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