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News Report

Indian Exchange WazirX Prepares to Do Battle With Binance

2 mins
Updated by Geraint Price

In Brief

  • WazirX has declared that Binance’s allegations are false and misleading.
  • The Indian exchange is prepared to take necessary steps to seek recourse and protect its legal rights.
  • The community speculates that Binance is trying to neutralize competition to enter the Indian market.
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The Indian exchange WazirX has stepped its beef with Binance, calling recent statements false and misleading.

WazirX and Binance have been involved in the public debate over the ownership of the former since Aug. Nischal Shetty, the co-founder of the Indian exchange, claims that Binance acquired WazirX. Whereas Changpeng Zhao, the exchange’s co-founder, has refuted the claims.

Last week, Binance announced that it would terminate the wallet services to WazirX and cut all ties with the Indian exchange. The company made this decision after WazirX declined to retract its statements on the ownership of the exchange.

WazirX Plans to Tackle Binance Head On

This announcement sparked panic among the crypto exchange users as the exchange stored 90% of its assets on Binance. The community questioned whether the funds were safe with WazirX.

Later, the Nischal Shetty-led exchange cleared the air by announcing that they were transferring assets to multisig wallets. The tweet clarified that users’ funds were safe with WazirX.

Today, WazirX released a statement calling the allegations against it “false and misleading.” The firm assured users not to be concerned about Binance’s announcements. The statement further reads, “As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.”

Is Binance Trying to Neutralize Competitors?

WazirX is one of the largest exchanges in India, with crypto holdings worth over $243.32 million. Hence, some Twitter users speculate that Binance will enter the Indian market by neutralizing its competitors.

However, Changpeng Zhao believes India is unsuitable for further developments due to its hostile approach toward cryptocurrencies.

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