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

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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

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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