- Friday, April 19, 2024
By: ANI
Investors of India’s largest cryptocurrency trading platform WazirX, whose tagline is ‘Zero Fees, Zero Stress’, is under severe stress as promoters of the company have got engaged in a war of words on the social media platform Twitter over the issue of ownership.
WazirX user Syed Naveed Pasha said, “Just curious, is my investment safe? We have nothing to do with company sharing or title issues or partial owing issue.” Another user Ashish Goyal wrote, “I have invested huge amount in WazirX. Is it safe? What should I do? Not able to think of anything else because of this mess. My hard-earned money.”
Tanu Talukdar took to Twitter, saying, “don’t know what is cooking between Binance and WazirX, but I request you people please don’t do anything that hurt user like us who are using both the platform. Indian crypto user are still struggling and facing difficulties with the issues like high tax and TDS and now this thing. ”
Paras Dhingra, a crypto analyst said, “When no one claim to have the business why we should take risk being with it, it’s dead inside. Leave. ”
WazirX, however, urged its user to be calm.
In a tweet, WazirX wrote, “In light of recent news about WazirX, we wanted to assure you that operations are being conducted as usual. Crypto and INR withdrawals are being processed normally. We wish to continue to serve you.”
“Notwithstanding the action taken by the Enforcement Directorate (ED), we would like to state that currently deposits and withdrawals are working as usual. We are evaluating our further plan of action and will always act in the best interest of users. We have been fully cooperating with the Enforcement Directorate (ED) for several days and have responded to all their queries fully and transparently. We do not agree with the allegations in the ED press release. We are evaluating our further plan of action,” WazirX said in a tweet.
A war of words erupted on Twitter over the ownership of WazirX.
Nishchal Shetty, founder, WazirX, raised question on Binance in a series of tweets.
“Deal involved Binance Parent entity after some media reports on Binance structure, we asked about it. We were given an ambiguous answer that parent entity is under restructuring It’s been many months, still waiting for Binance Parent entity Can Binance name Parent entity?
“Original deal included sale of WazirX Technology (IP). Same technology was then licensed to Zanmai by Binance for INR market Post licensing: Binance operates crypto-crypto trading, crypto deposit/withdrawals Zanmai operates INR-Crypto trading, INR deposit/withdrawal. In Feb, Binance team wanted control of Zanmai Naturally, if Binance desires control of Zanmai, they can acquire shares Zanmai labs has been co-operating with ED from over 7 days and has submitted all the required data We’ll continue to cooperate,” he tweeted on Saturday (6).
Siddharth Menon, another founder of WazirX, tweeted, “All said & done. We have never compromised on users, irrespective of how good or bad the situation is. From security, product, services to support. User’s funds are imp so we never used any lending services to earn profits hence we are solvent & our crypto withdraws are active.”
The founder of US-based crypto-exchange Binance, Changpeng Zhao, a.k.a. CZ, claimed that his company doesn’t hold any stake in the Indian company.
CZ, who was in Tax heaven country Monaco, wrote on Twitter, “We asked for transferring of WazirX system source code, deployment, operations, as recently as Feb this year. This was refused by WazirX. Binance do not have control on their systems. WazirX has been uncooperative with us, and looks like uncooperative with ED as well. 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.”
Shetty and Menon have shifted their base to Dubai from India, an official told Asian News International.
Sameer Mhatre, a co-founder of WazirX, however, continues to operate from India, and his premises were raided by Enforcement Directorate on August 3.
Speaking on the social media war of Zanmai Labs Pvt. Ltd. and Binance, crypto finance researcher- Santosh Parashar Said that “I see this deal as one of the well-planned gimmicks.”
