Who Owns WazirX? Binance Threatening Indian Crypto Exchange?

It’s been 6 months since a heated spat over ownership of India’s largest crypto exchange broke out between Nischal Shetty, CEO of WazirX, and CZ, CEO of Binance. However, that talk between the two giants is not yet finished.

Is BINANCE going to arrest Wazirx?

Recent reports suggest a disproportionate attempt to eradicate the warirx. A binary letter sent to wazirx requested the Indian crypto exchange to issue a "clarifying statement" citing the comment that binance has wazirx.

However, he also asked for the exchange of Indian cryptography to remove the binary name from his terms and conditions. It is reported that CZ could end all of its service agreements with WazirX if it does not respond to Binance's requests.

To this Zanmai, the parent company of WazirX responded to Binance calling it an ‘unethical’ demand letter. He said that binance uses media pressure to force Zanmai to make misleading statements like "clarifications".

Problems for WazirX

In 2019, Binance reportedly said that they acquired WazirX. Whereas in 2022, cz said they were never owners of the stock market. So, what's the biggest issue with trading Indian cryptos here?

There's a lot of money coming out of the binary in the process. In connection with the acquisition, wazirx transferred ownership of some accounts to the world's largest cryptography exchange in 2020.

The real equation here is that these accounts mentioned are held and checked by binance. In the meantime, these accounts are financed through a wazirx exchange fee. In accordance with the reports, wazirx transferred approximately $67 million into these accounts.

Wazirx can easily continue to access those accounts and use them. But this will only benefit binance.

However, the co-founder of wazirx nischal shetty choose to dismiss reports according to which binance bought the Indian crypto exchange. He said that Zanmai does not make false or misleading comments on Binance's role in the functioning of the exchange.