13.4 C
London
Monday, September 26, 2022

Binance and WazirX Disagree on Ownership Two Years After Acquisition Announcement – ​​londonbusinessblog.com

Must read

Vicky Curiel: Everything you need to know about American singer DaniLeigh Mother

Vicky Curiel is an American entrepreneur, producer and manager. In addition, she is known as the Chief Executive Officer (CEO) of Miami-based music...

Heather Storm

Heather Storm is an American actress, model and travel writer. She is widely popular as the former co-host of the reality TV show,...

NASA’s DART Spacecraft Crashing Onto An Asteroid Could Someday Save Humanity

A cosmic collision is imminent more than 6.5 million miles from Earth.In a unique maneuver, a NASA spacecraft will deliberately slam into an asteroid...

British police arrest teen suspected of Uber, GTA 6 hacks • londonbusinessblog.com

Police in London have confirmed that a 17-year-old teenager, suspected of involvement in high-profile breaches at ride-hailing giant Uber and Rockstar Games, has been...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Binance, the world’s largest crypto exchange by trading volume, said Friday that it does not own India-based platform WazirX, despite announcing the acquisition two and a half years ago in a move that has seen industry players including the Indian company, stunned.

Changpeng Zhao, founder and chief executive of Binance, said in a series of tweets that the company has “tried to close the deal for the past few years” but has yet to finalize the transaction, citing “a few issues” that it declined to elaborate.

Binance announced the acquisition of WazirX in late 2019 in a blog post. The official blog post, featuring a photo of the founders of Zhao and WazirX, also showed the Binance executive’s enthusiasm for the deal.

“The acquisition of WazirX demonstrates our dedication and commitment to the Indian people and strengthens the blockchain ecosystem in India, as well as another step forward in achieving the freedom of money,” the 2019 post quoted him as saying.

WazirX also reported that it “successfully acquired by Binancein a separate blog post.

A tweet from Zhao last year who shared a news story about WazirX describing it as being owned by Binance.

Zhao said Friday that Binance “does not own any shares in Zanmai Labs,” the entity that operates WazirX and was founded by its original founders.

“On November 21, 2019, Binance published a blog post that it had ‘acquired’ WazirX. This transaction was never completed. Binance has never – at any time – owned shares in Zanmai Labs, the entity that operates WazirX,” he wrote.

“Binance only provides wallet services for WazirX as a technical solution. There is also integration using off-chain tx, to save on network costs. WazirX is responsible for all other aspects of the WazirX exchange, including user login, KYC, trading and initiating withdrawals,” he added.

The clarification follows the freeze of WazirX’s assets worth more than $8 million by the Indian Enforcement Directorate, citing a suspected foreign exchange rule violation.

“Recent allegations about the operation of WazirX and how the platform is operated by Zanmai Labs are a major concern for Binance. Binance works with law enforcement agencies around the world. We would love to work with ED in any way we can,” Zhao added.

India’s anti-money laundering agency said in its injunction on Friday that Binance rarely responds to inquiries sent to its official legal compliance email address.

WazirX is the largest crypto exchange in India by trading volume. Annual trading volume exceeded $43 billion in 2021, a “1.735% growth from 2020,” the company said late last year. The platform also offers its technology to several other Indian exchanges.

Updated at 10:58 PM IST: Nischal Shetty, co-founder of WazirX, has disputed Zhao’s claims, claiming that Binance has indeed acquired WazirX. In a series of tweets, he said:


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Vicky Curiel: Everything you need to know about American singer DaniLeigh Mother

Vicky Curiel is an American entrepreneur, producer and manager. In addition, she is known as the Chief Executive Officer (CEO) of Miami-based music...

Heather Storm

Heather Storm is an American actress, model and travel writer. She is widely popular as the former co-host of the reality TV show,...

NASA’s DART Spacecraft Crashing Onto An Asteroid Could Someday Save Humanity

A cosmic collision is imminent more than 6.5 million miles from Earth.In a unique maneuver, a NASA spacecraft will deliberately slam into an asteroid...

British police arrest teen suspected of Uber, GTA 6 hacks • londonbusinessblog.com

Police in London have confirmed that a 17-year-old teenager, suspected of involvement in high-profile breaches at ride-hailing giant Uber and Rockstar Games, has been...

Hey look, some startups are still raising money • londonbusinessblog.com

Hello and welcome back to Equitya podcast about the business of startups, where we uncover the numbers and nuance behind the headlines. Don't forget that...