WazirX founder Nischal Shetty responds to ownership dispute with Binance

WazirX, the Indian cryptocurrency trading exchange, has yet resumed operations after completing a Singapore court-approved restructuring process.

It marks a uncommon comeback for the exchange, which suffered a shocking exploit of $234.9 cardinal successful July 2024—only six years aft its motorboat in March 2018.

However, determination is 1 question that the Indian crypto assemblage is inactive confused about: Who owns WazirX?

Related: WazirX’s betterment program is ‘far superior’ to liquidation, says FTX creditor activist

It was on Nov. 21, 2019, that the crypto institution announced that the world's largest crypto exchange, Binance, had acquired it.

However, Binance later denied holding immoderate involvement successful WazirX. Though the second claimed it has all the ineligible documents proving otherwise, the Indian crypto institution has since past been engaged successful a long-running ownership quality with Binance.

During an in-depth speech with TheStreet Roundtable big Mehab Qureshi, WazirX laminitis and CEO Nischal Shetty explained that the long-running ownership quality betwixt WazirX and Binance has moved into litigation.

"End of the day, I deliberation it's present gone into a signifier of litigation."

Shetty reiterated that WazirX was sold astir precocious 2019-early 2020, pursuing a nationalist announcement astatine the time.

However, conflicting claims aboriginal emerged, with some sides publically disputing ownership of the platform.

Shetty said that the quality is presently astatine a "he said, she said" stage, and the result of the litigation is going to beryllium overmuch much important.

When asked whether Binance reached retired to WazirX pursuing the hack successful July 2024, Shetty declined to remark arsenic the substance is nether sub-judice.

While the quality has lingered for years, Shetty said his absorption implicit the past 15 months has been connected restarting the speech aft operational disruptions. Now that WazirX has resumed operations, addressing specified unresolved issues volition besides travel up, helium added.

“I deliberation prioritizing arsenic an entrepreneur is precise important,” Shetty said.

“We were prioritizing connected the restart. Now that we person restarted—the rebuilding phase—I think, each of these questions that you're asking astir the quality and all, they're each portion of the rebuilding phase.”