The long-running ownership dispute between cryptocurrency exchange WazirX and Binance has entered a litigation phase, Chia to Nischal Shetty.
According to an interview, Shetty said WazirX was sold to Binance in late 2019 or early 2020, but Binance denied holding any stake. WazirX said it resumed operations after a restructuring approved by a Singapore court.
- The WazirX-Binance ownership dispute has moved into litigation.
- Shetty claims WazirX was sold to Binance (late 2019/early 2020), while Binance denies holding any stake.
- WazirX prioritized restarting and rebuilding and has resumed operations following restructuring in Singapore.
WazirX and Binance dispute: has entered litigation phase.
Nischal Shetty stated that the ownership dispute between WazirX and Binance has now entered the litigation phase, and the final outcome will be decided by law.
In the interview, Shetty reiterated the view that WazirX was sold to Binance in late 2019 or early 2020. However, Binance subsequently denied holding any stake, prolonging the dispute and escalating it into a legal issue.
Shetty emphasized that the dispute was not expected to have a significant operational impact on users. He stated that the terms of service had been updated to clarify issues related to ownership and dispute resolution, aiming to increase transparency for users.
WazirX relaunches after restructuring approved by Singapore court.
WazirX stated that the current focus is on restarting the platform and rebuilding, and the exchange has resumed operations after completing the restructuring.
This restructuring process is said to have been approved by the Singapore courts. According to Shetty, the immediate priority is to get the platform up and running and continue building, while determining the outcome of the ownership dispute will follow a separate legal process.
