Re: 90% of India's largest crypto exchange funds are in Binance wallet
WazirX has been acquired by Binance, so it is not surprising that their assets are held or managed by Binance.
That was everybody tought and then when shit hit the fan no one know anything about it:
https://techcrunch.com/2022/08/06/binance-says-it-doesnt-own-indian-exchange-wazirx-years-after-acquisition-announcement/
https://twitter.com/cz_binance/status/1555578415901802507
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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.
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Binance only provides wallet services for WazirX as a tech solution.
Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.
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Binance only provides wallet services for WazirX as a tech solution.
As for the coins it holds, FML!, two hundred thousand facepalms:
Really? Really? 1/5 of the coins on Wazirx are Shiba Inu?
Coindesk has an update on this. Binance is demanding that WazirX should retract all of their statements telling everyone that they are owned by Binance or have their service agreement terminated. The problem is however, WazirX will not retract their statement or erase any mentions of Binance in their terms of service.
It appears that the regulators will begin looking closely more into this. I reckon CZ and WazirX should have done this argument more privately.
But, this week, CoinDesk got WazirXs proof as the disagreement was privately coming to a head.
In the early hours of Jan. 25 in India, a national holiday Binance sent WazirX a letter requiring the Indian exchange to meet two demands by the end of this month, or risk Binance terminating its service agreement with WazirX by Feb. 3.
First, Binance told WazirX to publish a pre-written clarificatory statement retracting WazirX co-founder Nischal Shettys previous statements that Binance owned WazirX. It also required WazirX to erase all mentions of Binance in its terms of service.
On Friday, Zanmai, WazirXs official name, responded to Binances demands in a letter obtained by CoinDesk. It fought back, claiming that the demand letter was unethical and attempted to use media pressure and threats to force Zanmai into issuing false and misleading statements as clarifications.
Source https://www.coindesk.com/business/2023/01/27/wazirx-says-binance-lied-about-ownership-as-dispute-about-indias-largest-exchange-escalates/