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WazirX vs Binance: Binance CEO and WazirX co-founder debate on Twitter over WazirX’s ownership

The Indian crypto exchange platform WazirX, run by Zanmai Labs Private Limited, is under investigation by the Directorate of Enforcement (ED) for possibly leveraging Binance’s walled infrastructure. WazirX has been issued a Show Cause Notice (SCN) in accordance with FEMA laws for permitting the transfer of bitcoin assets worth Rs 2,790 crore to anonymous wallets. On August 5, the ED conducted a search on one of M/s Zanmai Lab Pvt Ltd’s directors and ordered the freezing of their bank accounts, which together contained Rs 64.67 crore. 

Changpeng Zhao, the CEO of Binance, stated on Twitter that Binance does not own or manage WazirX, responding to the tweet of Nischal Shetty, co-founder and CEO of WazirX. 

On August 5, Nischal Shetty tweeted some facts about Binance, WazirX, and Zanmai, which resulted in the Twitter debate- WazirX vs. Binance over WazirX’s ownership. He tweeted that Binance has acquired WazirX. My co-founders and I are the owners of the Indian company Zanmai Labs. Binance has granted Zanmai Labs permission to run INR-Crypto pairings in WazirX. In the ongoing Twitter debate, both Nishcal Shetty and CZ are trying to prove each other wrong.

Binance CEO CZ tweeted on August 5 and expressed his sadness over Shetty’s claims. He tweeted:

Contrary to this, Nischal remarked that CZ tweeted to actually prove his earlier claims. He tweeted that he is happy to address it publicly so that everyone is informed. Transparency succeeds. In your tweet, you state that you want to be in charge of signups and KYCs. WazirX has consistently made sure that KYC is done and that AML regulations are in place. All transactions are traceable since we only accept bank transfers. WazirX to Binance transfers are ALWAYS noted in our database, and they only ever involve the user’s own account.

Binance tweeted that Nischal is playing a deception wording game. He also tweeted about KYC users.

According to the terms of the Foreign Exchange Management Act (FEMA), 1999, the Directorate of Enforcement (ED) is looking into two complaints against WazirX.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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