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The connection between Binance and WazirX is now in question as India's ED has frozen the money of cryptocurrency exchange WazirX. It was celebrated in 2019 as the first acquisition in the Indian crypto market.
Binance denied any equity ownership in the India-based crypto exchange after the latter came under regulatory scrutiny.
Shetty said his team has been in discussions with Binance for several months to try and resolve the ownership issue.
The world's largest crypto exchange Binance on Monday said it will cease the off-chain fund transfer channel between WazirX and Binance. The move comes after some users claim that funds deposited in WazirX were managed by Binance.
Coinspeaker Binance CEO Denies Having Any Stake in Troubled Indian Crypto Exchange WazirX
The flare-up on Saturday follows an ED crackdown on one of Zanmai Labs' directors and the freezing of a bank account with $8 million in balance on Friday.
Binance founder Changpeng Zhao says Binance never acquired India's largest crypto exchange WazirX, although an earlier blog post says it did.
Binance CEO has claimed that his firm never finalized the deal to acquire major Indian crypto exchange WazirX. Binance Turns Away From WazirX Binance CEO Changpeng Zhao has again stirred controversy with his comments about the Indian crypto exchange.
\"I'm guessing because a lot of users complained about it to them,\" Nischal Shetty said.
\"If you have funds on WazirX, you should transfer it to Binance,\" CZ tweeted.
A bitter dispute about the ownership of WazirX, an Indian crypto exchange that is being probed by the nation's law enforcers over suspected money laundering allegations, has descended into a Twitter-based face-off between the Binance CEO Changpeng “CZ” Zhao and the WazirX Founder Nischal Shetty.
Binance CEO Changpeng Zhao denied that the exchange had acquired Indian crypto exchange WazirX following an AML probe on the latter. The post Binance CEO Denies Claim that the Exchange Owns WazirX appeared first on BeInCrypto.
The CEO's comments follow an investigation by India's financial crimes regulator accusing WazirX of evading oversight from authorities
Transfers from Binance to WazirX are disabled. As the Binance and WazirX founders continue openly arguing about control of the Indian stock market, CZ has made a big move.
Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance mentioned that customers who have crypto on WazirX should transfer it to Binance's platform. He stated in a Tweet that, If you have funds on WazirX, you should transfer it to Binance.
Binance CEO and WazirX founder traded words over the ownership of the exchange. The row was amplified after Indian regulators fingered WazirX in a money laundering scheme.
The confiscation of the bank account of WazirX, one of the most renowned cryptocurrency trading platforms in India, by the Enforcement Directorate (ED) as reported earlier by Blockchain.News has opened up a more concerning question about the trading platform's ownership
CZ and Nischal Shetty are arguing on Twitter whether the purchase of WazirX by Binance was finalized and whether Binance now owns the aforementioned company. Changpeng Zhao, the founder of Binance, has denied that his business has any stock in Zanmai Labs, the entity that created the WazirX cryptocurrency exchange in India.
Nischal Shetty founder of WazirX said that Binance – the world's largest crypto exchange – owns stakes in his company. This came after the chief executive of Binance, Changpeng Zhao said that the company did not hold any shares in Indian exchange companies.
Binance's CEO Changpeng Zhao has boldly said that he could shut down WazirX after a recent raid by ED on the WazirX director. However, WazirX's co-founder Nischal Shetty had a different take on this and countered the statements given by the Binance CEO. If you have funds on WazirX, you should transfer it to Binance.
Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning numerous tweets by CZ and Wazirx's founder regarding whether Binance acquired Wazirx.
Celebrated in 2019 as the first acquisition in the Indian crypto space, the relationship between the two entities is now in question as the Enforcement Directorate (ED) has frozen funds of cryptocurrency exchange WazirX. While the world's largest crypto exchange by trading volumes Binance had proudly announced that it had "acquired" WazirX in a blog post on its website in November 2019, the company's CEO Changpeng Zhao apparently reneged on the agreement between the two parties.
The war of words between Changpeng Zhao, Binance CEO and Nischal Shetty, WazirX CEO reached new heights on Saturday. Both crypto exchanges' chiefs are going back and forth by blaming each other for having outright control.
The Directorate of Enforcement in India has announced it froze around $8.1 million worth of funds belonging to the WazirX cryptocurrency exchange.
