The post Binance Has “Control” Over WazirX , Says Nischal Shetty appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Nischal Shetty founder of WazirX said that Binance – the world’s largest crypto exchange – owns stakes in his company. This came after the chief executive of Binance, Changpeng Zhao said that the company did not hold any shares in Indian exchange companies.

1/ FACTS about WazirX & Binance:

WazirX was acquired by Binance

Zanmai Labs is an India entity owned by me & my co-founders

Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX

Binance operates crypto to crypto pairs, processes crypto withdrawal…

— Nischal (Shardeum) (@NischalShetty) August 5, 2022

Zhao in a series of tweets said that the company has been “trying to conclude the deal for the past few years,” but hasn’t completed the transaction citing “a few issues” that had declined to elaborate.

Shetty took this Twitter and in a series of tweets he wrote, “WazirX was acquired by Binance. Zanmai Labs is an Indian entity owned by me & my co-founders. Zanmai Labs has a license from Binance to operate INR-Crypto pairs…WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal…”.

Shetty responded to Zhao’s claims that Binance can shut down WazirX in a separate tweet stating that “We could shut down WazirX ” – Proving you have control. “Shared access of AWS” – You have ROOT access to AWS! Anyone with root access controls AWS. “Wazir X domain transferred to our control” – Good to see you confirm that the only control now is Zanmai, why are you not taking it.”

Zhao on Friday said that Binance does not “own any equity in Zanmai Labs.”

Shetty also mentioned that WazirX is still owned by Binance.

In 2019, Binance said that it has acquired WazirX–India’s biggest crypto exchange. However, during the ongoing “crypto winter” and recent freeze of WazirX by ED based on alleged money laundering, Binance has claimed that it only served as the wallet service provider for WazirX.