In the early hours of Jan. 25 – in India, a national holiday – Binance sent WazirX a letter requiring the Indian exchange to meet two demands by the end of this month, or risk Binance terminating its service agreement with WazirX by Feb. 3.

First, Binance told WazirX to publish a pre-written “clarificatory statement” retracting WazirX co-founder Nischal Shetty’s previous statements that Binance owned WazirX. It also required WazirX to erase all mentions of Binance in its terms of service.

On Friday, Zanmai, WazirX’s official name claimed that the demand letter was “unethical” and attempted to use “media pressure and threats to force Zanmai into issuing false and misleading statements as ‘clarifications.’”

In the letter to Binance’s legal team and CEO, Schetty refused to retract his prior statements that Binance had purchased the Indian exchange.

“Zanmai has not made any false or misleading statements regarding Binance’s role and responsibility in operating the WazirX platform, and Binance’s control over WazirX’s user assets,” according to this week’s letter. “Zanmai transferred the control and ownership over the WazirX platform to Binance.”

“Binance has unilaterally withdrawn significant amount of moneys (over USD 67 million) which has been earned as trading fees on the WazirX platform,” Schetty wrote in the email to Binance. “Binance transferred these amounts to an internal account solely controlled by it since Binance owned the WazirX wallets.”

Related Readings:

90% of WazirX's User Assets are in Binance Wallets, According to Proof Of Reserves Report

Binance Moved $346 Mln in Bitcoin for Seized Crypto Exchange Bitzlato

Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement