{"id":15825,"date":"2023-01-20T22:22:50","date_gmt":"2023-01-20T22:22:50","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/binance-and-wazirx-disagree-over-ownership-two-years-after-announcing-deal\/"},"modified":"2023-01-20T22:22:51","modified_gmt":"2023-01-20T22:22:51","slug":"binance-and-wazirx-disagree-over-ownership-two-years-after-announcing-deal","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/binance-and-wazirx-disagree-over-ownership-two-years-after-announcing-deal\/","title":{"rendered":"Binance and WazirX disagree over ownership two years after announcing deal"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/08\/06\/binance-says-it-doesnt-own-indian-exchange-wazirx-years-after-acquisition-announcement\/<\/a><\/br>
\nBinance and WazirX disagree over ownership two years after announcing deal<\/br>
\n2023-01-20 22:22:50<\/br><\/p>\n

\n

Binance, the world\u2019s largest crypto exchange by trading volume, said on Friday it doesn\u2019t own India-based platform WazirX despite disclosing the acquisition two and a half years ago in a move that has baffled industry players, including the Indian firm that insists the purchase did take place.<\/p>\n

Changpeng Zhao, founder and chief executive of Binance, said in a series of tweets<\/a> that the company has been \u201ctrying to conclude the deal for the past few years,\u201d but hasn\u2019t completed the transaction yet citing \u201ca few issues\u201d that he declined to elaborate.<\/p>\n

Binance announced the acquisition of WazirX in late 2019 in a blog post<\/a>. The official blog post, which carried a picture of Zhao and WazirX founders, also featured the Binance executive\u2019s enthusiasm about the deal.<\/p>\n

\u201cThe acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money,\u201d the 2019 post cited him as saying.<\/p>\n

WazirX also reported that it had been \u201csuccessfully acquired by Binance<\/a>\u201d in a separate blog post.<\/p>\n

\"\"<\/p>\n

A tweet from Zhao last year sharing a news item about WazirX, where it is described as owned by Binance.<\/p>\n<\/div>\n

Zhao said Friday that Binance does not \u201cown any equity in Zanmai Labs,\u201d the entity operating WazirX and established by the original founders.<\/p>\n

\u201cOn 21 Nov 2019, Binance published a blog post that it had \u2018acquired\u2019 WazirX. This transaction was never completed. Binance has never \u2013 at any point \u2013 owned any shares of Zanmai Labs, the entity operating WazirX,\u201d he wrote.<\/p>\n

\u201cBinance only provides wallet services for WazirX as a tech solution. There is also integration using off-chain tx, to save on network fees. WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals,\u201d he added.<\/p>\n

The clarification follows India\u2019s Enforcement Directorate freezing WazirX\u2019s assets worth over $8 million, citing suspected violation of foreign exchange rule.<\/p>\n

\u201cRecent allegations about the operation of WazirX and how the platform is managed by Zanmai Labs are of deep concern to Binance. Binance collaborates with law enforcement agencies all around the world. We would be happy to work with ED in any way possible,\u201d Zhao added.<\/p>\n

The Indian anti-money laundering agency said in its order Friday that Binance rarely responds to queries sent to its official legal compliance email address.<\/p>\n

WazirX is the largest crypto exchange in India by trading volume. Its yearly trading volume exceeded $43 billion in 2021, a \u201c1,735% growth from 2020,\u201d the company said late last year. The platform also provides its technology to several other Indian exchanges.<\/p>\n

Nischal Shetty, co-founder of WazirX, has disputed Zhao\u2019s claims, asserting Binance indeed acquired WazirX. In a series of tweets, he said:<\/p>\n

\n
\n

2\/<\/p>\n

You can check this fact by going to the TOS of WazirX <\/p>\n

More facts about WazirX: <\/p>\n

\u2022 Binance owns WazirX domain name
\u2022 Binance has root access of AWS servers
\u2022 Binance has all the Crypto assets
\u2022 Binance has all the Crypto profits<\/p>\n

Don\u2019t confuse Zanmai and WazirX<\/p>\n

\u2014 Nischal (Shardeum) \u26a1\ufe0f (@NischalShetty) August 5, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

The public dispute over the ownership took further stranger turn on Saturday. In a tweet, Zhao said Binance asked WazirX to transfer system source code, deployment and operations as recently as February this year, a request he alleges WazirX refused. \u201cBinance do not have control on their systems. WazirX has been uncooperative with us, and looks like uncooperative with ED as well,\u201d he added.<\/p>\n

Shetty has also since doubled down on his claim that Binance owns WazirX, an assertion that Zhao has labelled as \u201cdeception.\u201d<\/p>\n

\n
\n

1\/ Deal involved Binance Parent entity<\/p>\n

After some media reports on Binance structure, we asked about it<\/p>\n

We were given an ambiguous answer that parent entity is under restructuring<\/p>\n

It\u2019s been many months, still waiting for Binance Parent entity<\/p>\n

Can Binance name Parent entity? https:\/\/t.co\/5oehKqaTxp<\/a><\/p>\n

\u2014 Nischal (Shardeum) \u26a1\ufe0f (@NischalShetty) August 6, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

\n
\n

People playing deception wording games. We can shut down the domain. It just hurts users. We do NOT have control of the trading system. You just gave the AWS login, no source code, no deployment capability. You also retained access to the AWS account, source code, deploy, etc. https:\/\/t.co\/Zpp6MYlHtp<\/a><\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) August 6, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

The story has been updated throughly to include additional details.<\/em><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/08\/06\/binance-says-it-doesnt-own-indian-exchange-wazirx-years-after-acquisition-announcement\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/08\/06\/binance-says-it-doesnt-own-indian-exchange-wazirx-years-after-acquisition-announcement\/ Binance and WazirX disagree over ownership two years after announcing deal 2023-01-20 22:22:50 Binance, the world\u2019s largest crypto exchange by trading volume, said on Friday it doesn\u2019t own India-based platform WazirX despite disclosing the acquisition two and a half years ago in a move that has baffled industry players, including the Indian firm that […]<\/p>\n","protected":false},"author":1,"featured_media":15826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-15825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nBinance and WazirX disagree over ownership two years after announcing deal - 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