WazirX and Binance Exchanges Dispute Escalates

  1. According to WazirX, Binance lied about the former’s acquisition.
  2. WazirX found itself in trouble with Indian authorities last year.
  3. These disputes could have devastating effects on the Indian exchange and its users.

Since the Indian exchange was seized in August of last year on suspicion of money laundering, Binance has consistently denied that it is the owner of WazirXIndia. People already acquainted with the situation were able to gather emails that provide new perspectives on the controversial situation. 

It is essential to keep in mind that following the situation that occurred the previous year, Binance did not delay in adopting moves that would publicly distinguish itself from WazirX. 

The blog entry on the Binance website that initially congratulated the company on the acquisition was then changed to indicate that the deal was “limited to an agreement to buy specific assets and intellectual property.” 

Furthermore, on August 5, the CEO of Binance, Changpeng “CZ” Zhao, said on Twitter that the cryptocurrency exchange did not hold any shares in Zanmai Labs, the business that is responsible for operating WazirX.

Binance is said to have sent a letter to WazirX in the early hours of January 26, the day of an Indian national holiday, according to persons who are knowledgeable about the case. 

In the letter, Binance threatened to pull out of its service agreement with WazirX on February 3 if the Indian exchange did not comply with two of its requirements by the end of this month.

First, Binance demanded that WazirX publish a “clarificatory statement” denying co-founder Nischal Shetty’s assertions that Binance owned WazirX. In order to comply with the rules of service, WazirX has to remove Binance from its terms of service.

Experts believe that the ongoing legal dispute around the ownership of WazirX might have a significant negative effect not only on the Indian exchange but also on the clients that use it.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer