Celebrated in 2019 as the first acquisition in the Indian crypto space, the relationship between the two entities is now in question as the Enforcement Directorate (ED) has frozen funds of cryptocurrency exchange WazirX.
While the world’s largest crypto exchange by trading volumes Binance had proudly announced that it had “acquired” WazirX in a blog post on its website in November 2019, the company’s CEO Changpeng Zhao apparently reneged on the agreement between the two parties.
Amidst an ongoing war of words between WazirX’s Founder, Nischal Shetty, and Zhao, investors are trying to determine who owns and controls WazirX.
Decoding the 2019 announcement
Replete with a group photograph that showed Zhao and Shetty profusely smiling, the blog post announced WazirX’s acquisition by Binance and detailed how platform users would be able to buy cryptocurrencies using Indian rupees (INR), invest in stablecoins like Tether (USDT), and access the whole range of cryptocurrencies directly through Binance’s trading platforms.
It also explicitly says that the WazirX acquisition and integration is part of the company’s strategy to enhance its growing list of global partners, in an effort to provide the global crypto community with easy access …
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