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Between WazirX and Binance continues The ownership tug of war

Hello friends today we will talking about WazirX and Binance. A web of scandals has ensnared WazirX, previously heralded as the biggest cryptocurrency exchange located in India. The recent searches by the Indian Enforcement Directorate on Zanmai Labs, its parent business, have unintentionally opened a box of worms.

The WazirX director was the target of raids on Friday, and the agency then froze bank assets worth Rs. 64.67 crores. Binance has abandoned WazirX, perhaps in a move to separate itself from any impending disclosures that the ED raids could provide.

It was reported that Binance had purchased WazirX in 2019. It appears that the agreement was never signed, and for over three years neither Binance nor WazirX saw the need to clarify the agreement. The stunning information was only the beginning of the Twitter battle that erupted between Chanpeng Zao, CEO of Binance, and Nischal Shetty, CEO of WazirX.

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The Tug Of War

The CEO of Binance’s admission that the deal was never completed sparked questions about WazirX, which was already being investigated. Nischal Shetty, however, wasn’t prepared to be a sangfroid. He went on to refute the CEO of Binance’s assertions on Twitter, which sparked a verbal exchange between Zhao and Shetty in which neither was willing to back down. Let’s look at some of the tweets.

1/ FACTS about WazirX And 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…

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— Nischal (Shardeum)  (@NischalShetty)

It hurts users.

As was previously mentioned, Binance has NO CONTROL over activities like as “user sign-up, KYC, trading, and initiating withdrawals.” The founders of WazirX are in charge of that. Our pleas to transfer this were never granted. Deal never was completed. 0 share transfers.

— CZ  Binance (@cz_binance)

Not us fighting. ED investigating WazirX. We only want to help.

— CZ  Binance (@cz_binance)

Fact: As recently as February of this year, we requested the transfer of the WazirX system’s source code, deployment, and operations. WazirX objected to this. Their systems are NOT under the authority of Binance.

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WazirX has been uncooperative with us, and looks like uncooperative with ED as well.

— CZ  Binance (@cz_binance)

Zhao adamantly argues that Binance has no “control over operations,” but Shetty is certain that these assertions are untrue. Shetty cautions the biggest cryptocurrency exchange in the world not to “confuse Zanmai and WazirX” in the lengthy Twitter chat. The CEO of Binance emphasised that WazirX is the sole application to which it offers wallet services.

“Binance offers WazirX wallet services. The WazirX domain has been given to us. Shared access to an AWS account was provided to us. WazirX might be terminated. But we’re unable to because…it harms users.

Soon enough, Shetty used his own words to refute Zhao’s assertions. Zhao’s claim that “we could shut down WazirX” implied Binance’s power over the exchange, according to the WazirX CEO. Zhao was also in no mood to change his mind. In a reply tweet, he attacked Shetty, accusing him of “playing deceit language games.”

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People playing deception wording games. We can shut down the domain. It just hurts users. We do NOT have control of the trading system. You just gave the AWS login, no source code, no deployment capability. You also retained access to the AWS account, source code, deploy, etc.

— CZ  Binance (@cz_binance)

As the Twitter verbal combat raged on, someone suggested that the conflict be ended by asking who received the majority of the fee income. Shetty’s remark was as follows: “Good question. All costs associated with cryptocurrency trading and withdrawals are levied by Binance. Since it runs WazirX using a licence obtained from Binance, Zanmai India charges INR-Crypto trading fees and INR deposit/withdrawal fees.

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Let’s go through some of the tweets made by those who were involved in this argument.

Now that indeed is an important question

sir funds are safe in wazirx?

— vishwajeet kumar (@anupam9830)

So you’re tryna pin that shit on Binance?

— Aryan Khatana | arkh.sol (@stablearyan)

Twitter has turned into a battleground these days.

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Both r big exchange CEO and fighting like a….. On social media
shame! Shame!!

— INR (@INR_USDT1978) 

Woah Woah! Lewd generalizations that nobody asked for. Somebody needs a lesson on political correctness.

Not to worry CZ, the world knows how the Indians are nothing more then scammers.
They’ve always used technology to hurt others rather then help.
They become your friendly neighborhood IT guy & then eventually hack all your systems.
Never hire or trust an Indian, ever!

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— CRYPTO PAIN  (@FeelMyPainAnima)

The maturity we all were in search of.

what kind of word game and sorcery is this? it’s like two infant/cousins just annoying each other. you guys meet in person and solve the problem with ED both of you, for greater good and for users as well. don’t break trust to users who are relying to your exchange @NischalShetty

— Joydeep Nath(JD) (@_Joydeepnath)

The real message is that racism is unacceptable.

Never trust nor do any deals with pajeets. Lesson learned.

— Beka Zlemingov (@Beka_Zlemingov)

Good question.

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Why the back and forth

— JO3 (@OlaJoseh)

It appears that engaging in a Twitter argument is the most mature response to a crisis.

This is your idea of help? An all out argument over Twitter? I’m guess you guys have each other’s contact numbers, no?

— Goma.Fan (@fan_goma)

Professionalism already disappeared from conversation ages ago.

Cant you people talk in Private , why creating so much Fud , next level unprofessionalism

— vipin gupta (@ImVipinGupta)

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