Binance and WazirX Reportedly Talking About Ownership of WazirX

Regarding ownership of the Indian crypto exchange, WazirX, the exchange has negotiated with the exchange that has bought it, Binance.

The problem came after the Government of India confiscated assets in WazirX worth US$8 million for being accused of facilitating money laundering activities.
From there, the CEOs of the two exchanges, Binance's Changpeng Zhao and WazirX's Nischal Shetty, battled tweets about ownership of WazirX.

Zhao also emphatically said that Shetty had lied by playing on words, which made him want to close the WazirX domain, but it would hurt the users.Binance and WazirX in negotiations

According to Finbold's report, lawyers from the two crypto exchanges are working together to resolve the issue.

This latest step was taken after the Directorate of Enforcement (ED) conducted a search on one of the Directors at Zanmai Labs, the party that operates WazirX.For your information, Binance has announced their acquisition of WazirX in November 2019. However, it is limited to certain asset purchase agreements and the exchange's intellectual property.

Also, Binance did not invest in any form in Zanmai Labs, claiming that WazirX continues to be managed by Zanmai Labs.Regarding Zanmai Labs, Shetty claims that Binance gave Zanmai Labs a license to handle fiat-to-crypto trades. Meanwhile, Binance handles trading between crypto assets.

From Shetty's side, Binance has acquired her company and is in control of its exchange domain name, and has access to their AWS (Amazon Web Services) servers. However, this has been refuted by Zhao.“Shetty only provides AWS logins, no source code and deployment capabilities,” said Zhao.

In essence, Binance claims to have no control over the operations of the Indian crypto exchange.On the other hand, according to a report by Capital Mind CEO Deepak Shanoy on Twitter, there are currently nine crypto exchanges, including WazirX, which is currently under interrogation regarding a loan application from China, which committed fraud and theft.

Shanoy also said that WazirX had not stored KYC from the Binance wallet and did not share details of the crypto transaction loan fraud application.