ED probe, public outcry over acquisition revive crypto’s legitimacy debate: WazirX Vs Binance

August 10, 2022

, By Editorial Team

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The sudden spat between Binance founder and CEO Changpeng Zhou and WazirX founder and CEO Nischal Shetty started after the Enforcement Directorate (ED), in a statement on August 5, 2022, stated that WazirX was giving contradictory and ambiguous answers to evade oversight by Indian regulatory agencies.

Zhao, however, disassociated Binance from WazirX last week in a tweet, writing, “Binance does not own any equity in Zanmai Labs, the company running WazirX and created by the original founders… This acquisition (deal) was never finished. At any point in time, Binance has never owned any shares of Zanmai Labs, the company that runs WazirX.

In November 2019, over two years prior, Binance declared that it has bought WazirX. After the acquisition announcement, neither Binance nor WazirX made any other statements regarding the situation, which led to the widespread belief that Binance had actually acquired WazirX. WazirX was even referred to in links that Zhao tweeted as a “Binance-owned Indian crypto exchange.”

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ED probe, public outcry over acquisition revive crypto’s legitimacy debate: WazirX Vs Binance

August 10, 2022

, By Editorial Team

The sudden spat between Binance founder and CEO Changpeng Zhou and WazirX founder and CEO Nischal Shetty started after the Enforcement Directorate (ED), in a statement on August 5, 2022, stated that WazirX was giving contradictory and ambiguous answers to evade oversight by Indian regulatory agencies.

Zhao, however, disassociated Binance from WazirX last week in a tweet, writing, “Binance does not own any equity in Zanmai Labs, the company running WazirX and created by the original founders… This acquisition (deal) was never finished. At any point in time, Binance has never owned any shares of Zanmai Labs, the company that runs WazirX.

In November 2019, over two years prior, Binance declared that it has bought WazirX. After the acquisition announcement, neither Binance nor WazirX made any other statements regarding the situation, which led to the widespread belief that Binance had actually acquired WazirX. WazirX was even referred to in links that Zhao tweeted as a “Binance-owned Indian crypto exchange.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Lysto raised $12 million in Pre-Series A from Square Peg and others

Next News

Proptech startup Landeed raised $2.5 million in Pre-Seed led by Justin Hamilton and others

StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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