Indian cryptocurrency exchange WazirX has clarified its relationship with Binance, revealing that Binance controls the WRX token. Binance conducted the WRX token initial exchange offering (IEO) and retains a significant amount of WRX tokens, but has failed to conduct quarterly burns for the past five quarters.
This lack of transparency and potential abandonment of the project by Binance has implications for both WazirX and WRX token holders, raising concerns about the commitment and future direction of the WRX token. The absence of regular burns can also impact market sentiment, affecting the long-term prospects and stability of the WRX token.
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