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Binance doubts WazirX’s acquisition as ED freezes exchange’s funds worth Rs. 64.67 crore

Binance CEO Changpeng Ziao and WazirX’s CEO Nischal Shetty traded fire on Twitter over who owns WazirX, India’s largest crypto exchange

A looming uncertainty hangs over the ownership of one of India’s largest crypto exchanges— WazirX— after a feud broke out between Binance CEO Changpeng Ziao and WazirX’s CEO Nischal Shetty on Twitter. The feud follows on the heels of the Directorate of Enforcement’s (ED) freezing of WazirX’s funds to the tune of Rs. 64.67 crore last week. Why it matters: The lack of clarity over the ownership is likely to make users jittery given the exchange handles crores worth of assets on its platform. The company has come out and assured investors that their funds are safe with them but the clash has dmaaged the reputation of the exchange which is already under pressure from the ED. https://twitter.com/nixxin/status/1555620175621238785 Understanding the dispute: It all began when Ziao said that Binance did not own any equity in Zanmai Labs, the entity which operates WazirX. Ziao said that it “acquired” WazirX in 2019 but this transaction was never completed. “Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX,” read the thread. Ziao added that the exchange only provided wallet services to WazirX as a tech solution. “There is also integration using off-chain tx, to save on network fees. WazirX is responsible (for) all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals,” Ziao elaborated. https://twitter.com/cz_binance/status/1555578415901802507 What did Shetty argue: Shetty tweeted a clarification in response to a thread put up by Ziao and allegations made by the ED in…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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