Not it! Binance Denies WazirX Ownership

The Binance CEO has denied that the world’s largest cryptocurrency exchange has any ownership in India-based crypto exchange WazirX.
WazirX co-founder Nischal Shetty is adamant that Binance owns WazirX and has a license from Binance to operate.

Great controversy has risen about the ownership of WazirX, the leading Indian-based crypto exchange. Binance, previously assumed as the owner of the company has denied this. Binance CEO Changpeng Zhao explains that the transaction was never completed. This despite Binance publishing a blog post that stated otherwise.

In addition, the CEO was seen to explicitly state the Indian exchange was owned by Binance. Last year, the CEO quoted an article that was praising WazirX for its remarkable performance, stating that it was Binance-owned.

» Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021 – The Financial Express https://t.co/t3GD7UwvYt

— CZ 🔶 BNB (@cz_binance) April 5, 2021

Moreover, the CEO is quoted as saying “The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthens the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”

Interestingly, WazirX founders are adamant that the exchange is owned by Binance. WazirX co-founder Nischal Shetty says crypto deposits and withdrawals at WazirX “are directly owned by Binance and you can get this information in the terms and conditions of the website.”

His comments were made soon after Zhao stated that he nor his company had any ownership in WazirX’s parent company.

1/ FACTS about WazirX & Binance:

WazirX was acquired by Binance

Zanmai Labs is an India entity owned by me & my co-founders

Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX

Binance operates crypto to crypto pairs, processes crypto withdrawal…

— Nischal (Shardeum) 🔼 (@NischalShetty) August 5, 2022

The CEO had earlier explained that Binance only provided the Indian exchange wallets and the exchange was in charge of everything else.

3/ Binance 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.

— CZ 🔶 BNB (@cz_binance) August 5, 2022

India Freezes $8.14M in Assets from WazirX

All controversy began after the Indian Enforcement Directorate (ED) froze $8.14 million (64.67 Crore rupees) in assets from WazirX. The agency accused the exchange of breaking currency exchange regulations. Since, Binance has tried to distance itself from the exchange.

For now, it remains unclear who owns the exchange. Sooner or later, official documents will have to be availed by either party before CryptoNewsMedia can conclusively bring you the facts.