Binance Walks Away From WazirX as Indian Regulators Continue to Pursue Crypto
Ownership of WazirX became a hot topic when CZ claimed the deal never went through. But three years later, there is still no clarity.
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The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over ownership of the Indian crypto exchange grabbed headlines the first week of August .
WazirX was reportedly acquired by Binance in 2019, and since then the Indian crypto exchange has been referred to as "Binance-owned". However, to everyone's surprise, CZ took to Twitter to claim that the acquisition process never went through and that Binance did not own the Indian crypto exchange.
2/ On November 21, 2019, Binance published a blog post indicating that it had "acquired" WazirX. This transaction never came to fruition. Binance has never – at any time – held shares of Zanmai Labs, the entity operating WazirX.
— CZ Binance (@cz_binance) August 5, 2022CZ stated that Binance only provides wallet services for WazirX as a technology solution and that WazirX is responsible for all other aspects of the exchange, including user registration, knowing your client (KYC), trading and initiation of withdrawals.
Shetty countered CZ's claim in another tweet thread claiming that Binance does indeed own Indian crypto exchange WazirX and parent company Zanmai Labs only mines crypto and rupee pairs Indian in WazirX on a Binance license. Binance, on the other hand, operates crypto-to-crypto pairs and processes crypto withdrawals, which can be verified by the companies' terms of service.
The two co-founders went back and forth for the next two days, accusing each other of misrepresenting certain facts.
2/ The initial offer included the sale of WazirX technology (IP)
Same Technology was later licensed to Zanmai by Binance for the INR market
Post Licensing:
Binance operates crypto-to-crypto trading, crypto deposits/withdrawals
Zanmai Operates INR-Crypto Trade, INR Deposit/Withdrawal
— Nischal (Shardeum) ⚡️ (@...
Ownership of WazirX became a hot topic when CZ claimed the deal never went through. But three years later, there is still no clarity.
Follow
The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over ownership of the Indian crypto exchange grabbed headlines the first week of August .
WazirX was reportedly acquired by Binance in 2019, and since then the Indian crypto exchange has been referred to as "Binance-owned". However, to everyone's surprise, CZ took to Twitter to claim that the acquisition process never went through and that Binance did not own the Indian crypto exchange.
2/ On November 21, 2019, Binance published a blog post indicating that it had "acquired" WazirX. This transaction never came to fruition. Binance has never – at any time – held shares of Zanmai Labs, the entity operating WazirX.
— CZ Binance (@cz_binance) August 5, 2022CZ stated that Binance only provides wallet services for WazirX as a technology solution and that WazirX is responsible for all other aspects of the exchange, including user registration, knowing your client (KYC), trading and initiation of withdrawals.
Shetty countered CZ's claim in another tweet thread claiming that Binance does indeed own Indian crypto exchange WazirX and parent company Zanmai Labs only mines crypto and rupee pairs Indian in WazirX on a Binance license. Binance, on the other hand, operates crypto-to-crypto pairs and processes crypto withdrawals, which can be verified by the companies' terms of service.
The two co-founders went back and forth for the next two days, accusing each other of misrepresenting certain facts.
2/ The initial offer included the sale of WazirX technology (IP)
Same Technology was later licensed to Zanmai by Binance for the INR market
Post Licensing:
Binance operates crypto-to-crypto trading, crypto deposits/withdrawals
Zanmai Operates INR-Crypto Trade, INR Deposit/Withdrawal
— Nischal (Shardeum) ⚡️ (@...What's Your Reaction?
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