WazirX: Binance Exchange Lied About Ownership, Dispute Soar
- According to WazirX, Binance lied about the former’s acquisition.
- WazirX found itself in trouble with Indian authorities last year.
- These disputes could have devastating effects on the Indian exchange and its users.
Binance, the biggest cryptocurrency exchange in the world, said in a blog post that it had acquired the Indian business WazirX in November 2019, even though the ownership of WazirX was not in question at the time. The top executives of WazirX also discussed the transaction in a forthright manner.
However, the narrative changed last summer when WazirX was in legal trouble with the Indian authorities. WazirX’s headquarters in Mumbai, India, was searched by Indian authorities at the beginning of August on suspicion that the exchange had assisted 16 fintech businesses in money laundering.
Reportedly, Binance wasted little time taking actions that would openly separate itself from WazirX. The blog entry on the Binance website that first congratulated the company on the acquisition was then changed to indicate that the deal was “limited to an agreement to buy specific assets and intellectual property.”
Additionally, Binance CEO Changpeng “CZ” Zhao
The post WazirX: Binance Exchange Lied About Ownership, Dispute Soar appeared first on Coin Edition.
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