7.6 C
London
Tuesday, February 7, 2023

Binance Says It Doesn’t Own Indian Exchange WazirX, Years After Acquisition Announcement – londonbusinessblog.com

Must read

5 things I wish I knew before starting my own business

Opinions of contributing entrepreneurs are their own. ...

What we know about Brad Pitt’s new girlfriend

 Who is Sat Hari Khalsa? Brad Pitt has moved on after his divorce from Angelina Jolie and has been...

Johanna Leia Bio, Birthday, Age, Height, Net worth

Johanna Leia is a Los Angeles-based entrepreneur, former model and reality star, and a social media influencer. She is also the mother of...

All About Eddie Murphy’s Half Brother Vernon Lynch Woman, Age, Boxing Career

Vernon Lynch is best recognized as the half-brother of the American actor, comedian, writer, producer and singer Eddie Murphy. His brother first rose...
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 not yet finalized 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

5 things I wish I knew before starting my own business

Opinions of contributing entrepreneurs are their own. ...

What we know about Brad Pitt’s new girlfriend

 Who is Sat Hari Khalsa? Brad Pitt has moved on after his divorce from Angelina Jolie and has been...

Johanna Leia Bio, Birthday, Age, Height, Net worth

Johanna Leia is a Los Angeles-based entrepreneur, former model and reality star, and a social media influencer. She is also the mother of...

All About Eddie Murphy’s Half Brother Vernon Lynch Woman, Age, Boxing Career

Vernon Lynch is best recognized as the half-brother of the American actor, comedian, writer, producer and singer Eddie Murphy. His brother first rose...

Shark Tank India: reviews a co-founder but not his company for its unjust shareholding structure

Gavin Paris is street wear fashion brand creating gender neutral oversized clothing. In just 7 months of operation, the startup achieved a turnover of...