Everything You Need To Know About Binance And WazirX Recent Feud!
Everything you need to know about Binance and WazirX’s recent feud. On 5 August, Changpeng Zhao (CZ), the CEO of Binance, took to Twitter to clarify some issues with WazirX and add a statement for WazirX users to transfer funds into the Binance platform. While at the same time, Nischal Shetty, Founder of WazirX India, also posted his views on the matter.
What Happened With WazirX
On Friday, The Directorate of Enforcement of India (ED) released a statement to Zanmai Labs, the company behind WazirX. In the release, the ED froze the account of WazirX, which consisted of approximately $8.1m, and conducted a search on the Indian exchange.
Binance and WazirX
On 5 August, not long after the report, CZ clarified on Twitter the relations between Binance and WazirX. In the clarification, CZ said that Binance does not own any equity in Zanmai Labs. Even though Binance posted an acquisition with WazirX in November 2019, it was never complete. He added that Binance only offers wallet services to WazirX as a tech solution. At the end of the Twitter thread, CZ said Binance would cooperate with ED to fix the problems.
Quick thread on Binance and WazirX, and some incorrect reporting.
Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.
1/4
— CZ 🔶 Binance (@cz_binance) August 5, 2022
A few hours after CZ posted the clarification, Nischal Shetty, the Founder of WazirX India, replied to CZ. He said that WazirX was acquired by Binance. He also provided more information the opposite of what CZ posted.
1/ FACTS about WazirX & Binance:
WazirX was acquired by Binance
Zanmai Labs is an India entity owned by me & my co-founders
Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX
Binance operates crypto to crypto pairs, processes crypto withdrawal…
— Nischal (Shardeum) ⚡️ (@NischalShetty) August 5, 2022
CZ replied again to Nischal Shetty by emphasizing that Binance only provides wallet services to WazirX. He also added his disagreement in talking about this in public. He posted another tweet and said, “If you have funds on WazirX, you should transfer it to Binance. Simple as that. We could disable WazirX wallets on a tech level, but we can’t/won’t do that. And as [much debates] as we are enduring, we can’t/won’t hurt users.”
Sad that these have to be debated on Twitter:
Binance provides wallet services for WazirX.
WazirX domain is transferred to our control.
We were given a shared access to an AWS account.We could shutdown WazirX. But we can't, because.. 1/2 https://t.co/YoMIgAHC5v
— CZ 🔶 Binance (@cz_binance) August 5, 2022
CZ ended the long tweets about WazirX by saying that WazirX is uncooperative with Binance and the ED too.
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