Reportedly Binance & WazirX exchanges are working to settle the WazirX ownership dispute.
WazirX is a popular Indian crypto exchange, which was acquired by the Binance exchange in 2019. Due to the support of the Binance exchange, WazirX was holding the highest crypto trade volume in the Indian crypto market. But recently the CEOs of both the exchanges had a conversation against each other about the real ownership of the WazirX exchange, in response to these conflicts of ownership, Binance & WazirX suspended off-chain crypto transfer support to each other.
On 11 August, The New Indian Express reported that a source familiar with this matter confirmed that lawyers from both the exchanges (Binance & WazirX) are in talks to make things clear and settle the ownership dispute.
“Lawyers of both the exchanges are coordinating to sort out the issue.”
Source also said that since February of this year, founders of both the exchanges didn’t talked about this matter directly, except for the WazirX ownership debate on Twitter.
Binance owns partial ownership of WazirX
After November 2019, when Binance announced the acquisition of the WazirX exchange officially, it was expected that WazirX would remain under the Binance exchange ownership for up to 2 years only.
In February of this year, when WazirX enquired Binance about the acquisition, the latter said the parent entity is under restructuring. However, these things are hinting that WazirX was cooperating with the Binance exchange but Binance CEO Changpeng Zhao claimed that WazirX didn’t cooperate with the Binance exchange and also did the same with the Indian investigation agency, ED.
According to the Twitter thread debate between Binance CEO & WazirX CEO, Binance is holding Wazirx domain name control & AWS login only, while the rest of the control is under the WazirX team.
WazirX CEO Nischal claimed that Binance had full authority to shut down the exchange and also own the database of users via AWS login. These things are showing that Binance is currently holding partial ownership of the WazirX exchange.