WazirX investors perplexed over ownership mess
WazirX, a cryptocurrency exchange, was celebrated in 2019 as Binance’s first acquisition in the Indian crypto space.
Changpeng Zhao, the company’s CEO, breached the agreement between the two parties in November 2019 and has now frozen the exchange’s funds.
Investors are left perplexed as they try to figure out who owns and controls the company.
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WazirX is in the spotlight after the Enforcement Directorate accused it of assisting instant loan app companies in money laundering.
Following a search, the ED has frozen the Indian crypto exchange’s financial assets.
WazirX users remain in the dark, despite the company’s founder’s assurances that all crypto assets and fiat money deposited are secure.
Binance, on the other hand, has clarified that the ‘acquisition’ of Wazir X in 2019 was limited to an agreement to purchase certain assets and intellectual property.
Shetty and the other co-founders own Zanmai Labs, an Indian entity that claims to have a Binance licence to operate INR-crypto pairs in WzirX.