Monday, March 20, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Binance

Who Owns WazirX? Binance Threatening Indian Crypto Exchange?

news by news
January 30, 2023
in Binance, CZ Binance, News
0
Who Owns WazirX? Binance Threatening Indian Crypto Exchange?
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Republic Of China Announces Crypto Regulatory Body

Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

cz binance wazirx Who Owns WazirX

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, this discourse between the two giants isn’t over yet.

Will Binance shut down WazirX?

The latest reports suggest that Binance is trying to eradicate WarirX out of proportion. A letter sent from Binance to WazirX asked the Indian crypto exchange to publish a “clarificatory statement” taking back the comment that Binance owns WazirX.

However, it also requested the Indian crypto exchange to remove Binance’s name from its terms and conditions. It is being reported that CZ might terminate all its service agreements with WazirX if it fails to meet the demands placed by Binance.

To this Zanmai, the parent company of WazirX responded to Binance calling it an ‘unethical’ demand letter. It mentioned that Binance is using media pressure in order to force Zanmai into issuing misleading statements as ‘clarifications’.

Problems for WazirX

In 2019, Binance reportedly said that they acquired WazirX. While in 2022, CZ said that they never owned the exchange. So, what’s the biggest problem for the Indian crypto exchange here?

There is a huge amount of funds that are being taken away by Binance in the process. As part of the acquisition deal, WazirX handed ownership of certain accounts to the world’s largest crypto exchange back in 2020.

The real equation here frames out to be that these mentioned accounts are owned and controlled by Binance. Meanwhile, these accounts are funded by trading fees on WazirX. As per reports, WazirX has transferred around $67 million to these accounts.

WazirX can easily go on to continue accessing and operating these accounts. However, this will only make it to the sole benefit of Binance.

However, the WazirX cofounder Nischal Shetty choose to reject the reports that Binance bought the Indian crypto exchange. He mentioned that Zanmai is not making any false or misleading comments about Binance’s role in operating the exchange.

The post Who Owns WazirX? Binance Threatening Indian Crypto Exchange? appeared first on CoinGape.

Related Posts

Breaking: Republic Of China Announces Crypto Regulatory Body
24/7 Cryptocurrency News

Breaking: Republic Of China Announces Crypto Regulatory Body

March 20, 2023
Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason
24/7 Cryptocurrency News

Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

March 20, 2023
Bitcoin Rallies As UBS Group Acquires Troubled Lender Credit Suisse In $3.2 Billion Deal
24/7 Cryptocurrency News

Bitcoin Rallies As UBS Group Acquires Troubled Lender Credit Suisse In $3.2 Billion Deal

March 20, 2023
Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?
24/7 Cryptocurrency News

Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?

March 20, 2023
Breaking: Credit Suisse (CS) Gets $1 Billion Buyout Offer From UBS; But There’s A Catch
24/7 Cryptocurrency News

Breaking: Credit Suisse (CS) Gets $1 Billion Buyout Offer From UBS; But There’s A Catch

March 19, 2023
Don’t Take Balaji’s Bet of Bitcoin At $1 Million in 90 Days Seriously, Analysts Explain Why
Balaji Srinivasan

Don’t Take Balaji’s Bet of Bitcoin At $1 Million in 90 Days Seriously, Analysts Explain Why

March 19, 2023
Next Post
Just-In: Binance & Mastercard Are Teaming Up To Launch This In Brazil

Just-In: Binance & Mastercard Are Teaming Up To Launch This In Brazil

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Alameda’s Ex-CEO Caroline Ellison Hires Former SEC Official As Lawyer In FTX Probe

Alameda’s Ex-CEO Caroline Ellison Hires Former SEC Official As Lawyer In FTX Probe

December 10, 2022
Worst Solana Tokens This Week: Chainlink, Terra Classic, Arweave Amongst The Coins That Plunged

Worst Solana Tokens This Week: Chainlink, Terra Classic, Arweave Amongst The Coins That Plunged

December 10, 2022
Just In: Crypto Portfolio Of Top Investors Including Richard Heart Revealed

Just In: Crypto Portfolio Of Top Investors Including Richard Heart Revealed

December 7, 2022
Australian Open Enters Metaverse, Ditches Decenterland For Roblox

Australian Open Enters Metaverse, Ditches Decenterland For Roblox

January 12, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In