• bitcoinBitcoin(BTC)$23,931.00-2.60%
  • ethereumEthereum(ETH)$1,888.77-0.04%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$323.21-3.08%
  • rippleXRP(XRP)$0.377682-1.11%
  • cardanoCardano(ADA)$0.53-2.90%
  • polkadotPolkadot(DOT)$9.14-3.64%
  • litecoinLitecoin(LTC)$61.65-0.91%
  • UniswapUniswap(UNI)$9.01-2.25%
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
What's Hot

How to earn interest from crypto saving accounts?

August 11, 2022

Ethereum Merge on track as Goerli test merge successfully finalized

August 11, 2022

Looking for gift ideas? Give Cryptocurrency as a present

August 11, 2022
Facebook Twitter Instagram
Facebook
Cryptovot Cryptovot
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
Cryptovot Cryptovot
Home»Coins»Ethereum»Binance-WazirX Acquisition Was Never “Complete”: Binance’s CEO Changpeng Zhao
Ethereum

Binance-WazirX Acquisition Was Never “Complete”: Binance’s CEO Changpeng Zhao

CryptoNewsBy CryptoNewsAugust 6, 20224 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Share
Facebook Twitter LinkedIn Pinterest Email

  • Binance CEO CZ has made a surprising Twitter announcement, stating that the WazirX-Binance transaction was never complete. 
  • CZ further added that Binance does not own any equity in Zanmai Labs, the entity that operates WazirX

Binance’s CEO Changpeng Zhao has made surprising declarations regarding the Indian crypto exchange WazirX.

While several media houses have been referring to WazirX as an entity owned by Binance, CZ has issued clarification via Twitter on how the Binance-WazirX transaction never went through citing “issues that cannot be easily disclosed.”

Earlier today, Indian crypto exchange WazirX bank accounts were raided by the Enforcement Directorate of India for alleged violation of the Foreign Exchange Management Act. 

Binance Does Not Own Any Shares In Zanmai Labs, The Entity That Owns WazirX: CZ

The recent WazirX frozen fund controversy has compelled Binance’s CEO to issue certain clarifications. 

In a comprehensive Twitter thread, Binance’s CEO cleared the air concerning multiple media houses that have been referring to Indian crypto exchange WazirX as an entity acquired and owned by Binance. 

Zhao further contended that Binance does not own any equity in Zanmai Labs, whom he referred to as the real owner and operator of WazirX.  

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

He further confessed how the exchange had earlier published a blog on its website announcing that it had acquired WazirX. Disregarding the contents of the blog later on, CZ declared how the Binance-WazirX transaction never went through or in simpler terms, was never completed in the long run. 

In addition to this, Zhao also clarified that Binance does not own any shares of Zanmai Labs, the firm that operates WazirX independently. 

2/ On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX.

— CZ 🔶 Binance (@cz_binance) August 5, 2022

Earlier today, WazirX crypto exchange was raided by ED authorities in India who had allegedly accused the firm of violating the Foreign Exchange Management Act. 

The ED authorized personnel had reportedly searched the premises of Zanmai Labs, a company that operates WazirX as stated by CZ. Per the recent reports, nearly $8 million worth of WazirX funds were frozen by Indian authorities. 

As far as the Binance-WazirX relationship is concerned, Zhao outlined how Binance had provided limited crypto services to WazirX in the form of wallet services as a tech solution. 

3/ Binance only provides wallet services for WazirX as a tech solution. There is also integration using off-chain tx, to save on network fees. WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals.

— CZ 🔶 Binance (@cz_binance) August 5, 2022

In response to the question of why Binance did not go through with the WazirX acquisition, Zhao replied that the acquisition was met with a few ” issues which are not easy to disclose.”

We have been trying to conclude the deal for the past few years, but it hasn’t. “a few” issues. Not easy to disclose.

— CZ 🔶 Binance (@cz_binance) August 5, 2022

The crypto revelation made by CZ today came as a surprise to several crypto enthusiasts, who had previously considered WazirX as an entity owned and managed exclusively by Binance. 

Several users were left perplexed with the news, since there have been instances where CZ had shared tweets that referred to WazirX being owned by Binance. 

» Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021 – The Financial Express https://t.co/t3GD7UwvYt

— CZ 🔶 Binance (@cz_binance) April 5, 2021

Numerous Twitter users expressed their skepticism in response to the news, adding that CZ should explain why a misleading blog declaring the Binance-WazirX acquisition was issued in the first place when the transaction was never confirmed. 

A blog post saying Binance has aquired wazirX should be posted after the transactions are complete, not before. Or the blog post should say Binance is planning to aquire wazirX. This is complete misleading of your users who invested in wazirX

— Zombiemode (@cryptcindian) August 5, 2022



Source link

Acquisition Binances BinanceWazirX CEO Changpeng Complete Zhao
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleExecutive Moves of the Week
Next Article Crypto Biz: Gucci ‘apes’ into crypto
CryptoNews
  • Website

Related Posts

Derivatives Protocol DyDX Blocks User Accounts Linked With Sanctioned Ethereum Mixer App Tornado Cash

August 11, 2022

Magic Eden Proposes to Build “ApeCoinDAO,” An NFT Marketplace Catering To ApeCoin Holders

August 10, 2022

Bitcoin Reaches $24K for First Time in August;  Ethereum undergoes The Merge

August 9, 2022

Binance Removes Off-Chain Fund Transfer Channel Between Itself And WazirX

August 9, 2022

Leave A Reply Cancel Reply

Recent Posts

  • How to earn interest from crypto saving accounts?
  • Ethereum Merge on track as Goerli test merge successfully finalized
  • Looking for gift ideas? Give Cryptocurrency as a present
  • Ethereum Climbs To $1,900, Why $2K Could Be Next
  • Derivatives Protocol DyDX Blocks User Accounts Linked With Sanctioned Ethereum Mixer App Tornado Cash
Don't Miss
Regulation

How to earn interest from crypto saving accounts?

By CryptoNewsAugust 11, 2022

The cryptocurrency industry has offered developers and investors the opportunity to introduce new financial tools…

Ethereum Merge on track as Goerli test merge successfully finalized

August 11, 2022

Looking for gift ideas? Give Cryptocurrency as a present

August 11, 2022

Ethereum Climbs To $1,900, Why $2K Could Be Next

August 11, 2022
About Us
About Us

CryptoVot is a Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi and digital finance news with analysis, pictures, video and live price updates.

Check out our other website:
Newsvot.com
Funnyvot.com
Healthvot.com
Gamesvot.com
Contact us: contact@vot.media

Facebook
  • Home
  • PRIVACY POLICY & CCPA
  • Do not sell my personal information
  • Opt out / Unsubscribe
© 2022 VotMedia

Type above and press Enter to search. Press Esc to cancel.