Azealia Banks is pissed at RZA for not defending her when Russell Crowe threw her out of his party, and says she's cutting him off for good ... personally and professionally.
Sources close to Banks tell TMZ ... she'd been negotiating a deal to sign with RZA's record label for the past 3 weeks. We're told RZA's rep called her this week about closing the deal, and she made it clear ... the deal is OFF.
RZA -- who invited Azealia to the party -- doesn't seem to be losing any sleep over it. His camp insists she's "full of it" when it comes to the events in Crowe's suite, and she was squarely in the wrong.