Binance And WazirX In Dialogue To Resolve Ownership Dispute

Crypto exchanges, Binance and WazirX, are trying to reach an agreement over the ownership disagreement between them.
Dot
January 29, 2023
Chiagoziem Bede Ikwueze

Chiagoziem has gathered a wealth of experience, having worked for many prominent crypto-based businesses, including Revain, Whiteboard Crypto, DeRev, The Crypto Cartel, Crypto News, MoneySwitch, Full Value Dan, and Bitcompare. Over the past couple of years, his works have been featured in many publications and places. When he is not writing, he spends time working on his other digital businesses, playing video games, reading books, watching movies, and most importantly, enjoying quality time with loved ones.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: TechCrunch

The cryptocurrency exchange, WazirX, and Binance founder, Changpeng Zhao, may soon reach an agreement regarding their ongoing ownership controversy.

According to sources familiar with the matter, the attorneys from both crypto exchanges are working together to resolve this issue.

Binance announced in November 2019 that it had purchased WazirX after the Enforcement Directorate (ED) conducted searches on one of the directors of Zanmai Labs, which operates WazirX. Binance also confirmed that the 2019 deal was limited to a purchase agreement for WazirX's assets and intellectual property.

Notably, Binance did not make any equity investments in Zanmai Labs. According to the cryptocurrency exchange, WazirX (including the aforementioned assets) is still administered and managed by Zanmai Labs.

However, Nischal Shetty, the founder of WazirX, has claimed that the company was purchased by Binance and that the latter now owns the WazirX domain name. According to Shetty,

"Binance has root access to our AWS (Amazon Web Services) servers."

Interestingly, the two founders had a public argument on Twitter, and Zhao stated that WazirX's founding team controls the operations, including user sign-up, KYC, trading, and withdrawal initiation. Binance has no control over these aspects of the platform.

According to the sources, neither of the company's founders has had direct contact with the other since February. After failed takeover talks in 2019, it is believed that the owners were expected to stay for another two years. 

Binance responded to WazirX's inquiry about the purchase in February by saying that the parent company is in the process of restructuring.

According to industry sources, nine cryptocurrency exchanges, including WazirX, are being investigated in connection with Chinese lending applications.

Binance And WazirX In Dialogue To Resolve Ownership Dispute

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Contents
Changpeng Zhao; Photo Source: TechCrunch

The cryptocurrency exchange, WazirX, and Binance founder, Changpeng Zhao, may soon reach an agreement regarding their ongoing ownership controversy.

According to sources familiar with the matter, the attorneys from both crypto exchanges are working together to resolve this issue.

Binance announced in November 2019 that it had purchased WazirX after the Enforcement Directorate (ED) conducted searches on one of the directors of Zanmai Labs, which operates WazirX. Binance also confirmed that the 2019 deal was limited to a purchase agreement for WazirX's assets and intellectual property.

Notably, Binance did not make any equity investments in Zanmai Labs. According to the cryptocurrency exchange, WazirX (including the aforementioned assets) is still administered and managed by Zanmai Labs.

However, Nischal Shetty, the founder of WazirX, has claimed that the company was purchased by Binance and that the latter now owns the WazirX domain name. According to Shetty,

"Binance has root access to our AWS (Amazon Web Services) servers."

Interestingly, the two founders had a public argument on Twitter, and Zhao stated that WazirX's founding team controls the operations, including user sign-up, KYC, trading, and withdrawal initiation. Binance has no control over these aspects of the platform.

According to the sources, neither of the company's founders has had direct contact with the other since February. After failed takeover talks in 2019, it is believed that the owners were expected to stay for another two years. 

Binance responded to WazirX's inquiry about the purchase in February by saying that the parent company is in the process of restructuring.

According to industry sources, nine cryptocurrency exchanges, including WazirX, are being investigated in connection with Chinese lending applications.

Chiagoziem Bede Ikwueze

Chiagoziem has gathered a wealth of experience, having worked for many prominent crypto-based businesses, including Revain, Whiteboard Crypto, DeRev, The Crypto Cartel, Crypto News, MoneySwitch, Full Value Dan, and Bitcompare. Over the past couple of years, his works have been featured in many publications and places. When he is not writing, he spends time working on his other digital businesses, playing video games, reading books, watching movies, and most importantly, enjoying quality time with loved ones.

The cryptocurrency exchange, WazirX, and Binance founder, Changpeng Zhao, may soon reach an agreement regarding their ongoing ownership controversy.

According to sources familiar with the matter, the attorneys from both crypto exchanges are working together to resolve this issue.

Binance announced in November 2019 that it had purchased WazirX after the Enforcement Directorate (ED) conducted searches on one of the directors of Zanmai Labs, which operates WazirX. Binance also confirmed that the 2019 deal was limited to a purchase agreement for WazirX's assets and intellectual property.

Notably, Binance did not make any equity investments in Zanmai Labs. According to the cryptocurrency exchange, WazirX (including the aforementioned assets) is still administered and managed by Zanmai Labs.

However, Nischal Shetty, the founder of WazirX, has claimed that the company was purchased by Binance and that the latter now owns the WazirX domain name. According to Shetty,

"Binance has root access to our AWS (Amazon Web Services) servers."

Interestingly, the two founders had a public argument on Twitter, and Zhao stated that WazirX's founding team controls the operations, including user sign-up, KYC, trading, and withdrawal initiation. Binance has no control over these aspects of the platform.

According to the sources, neither of the company's founders has had direct contact with the other since February. After failed takeover talks in 2019, it is believed that the owners were expected to stay for another two years. 

Binance responded to WazirX's inquiry about the purchase in February by saying that the parent company is in the process of restructuring.

According to industry sources, nine cryptocurrency exchanges, including WazirX, are being investigated in connection with Chinese lending applications.

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Chiagoziem Bede Ikwueze