Who owns WazirX?
India’s biggest crypto exchange just got disowned by its founders as well as the company that acquired it three years ago. What happened?
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Editor's note: In a thread of four tweets, Changpeng Zhao dropped a bombshell on Friday evening. The founder and CEO of Binance, the world’s largest cryptocurrency exchange, said that his firm never acquired Indian crypto exchange WazirX—a transaction that was announced by Binance itself in 2019 and hailed as a matter of great celebration in India. Zhao now says that the transaction was never completed and that “Binance has never—at any point—owned any shares of Zanmai Labs, the entity operating WazirX”. He added that the relationship between Binance and WazirX is limited to Binance being a technology provider. The Binance CEO’s claims snowballed into a war of words on Twitter between him and WazirX co-founder Nischal Shetty, who insists that WazirX was in fact acquired by Binance. And that Zanmai Labs is a separate entity—owned by him and his two co-founders—which only manages WazirX as a licensee of Binance in India. Shetty also claimed a few other things: Binance owns the WazirX web domainBinance has root access to WazirX’s AWS servers (Zhao has countered this and said that Binance has shared access) Binance …
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