The connection between WazirX-Binance: A timeline of events as they unfolded
2 years, 7 months ago

The connection between WazirX-Binance: A timeline of events as they unfolded

Live Mint  

Celebrated in 2019 as the first acquisition in the Indian crypto space, the relationship between the two entities is now in question as the 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 shocked the Indian crypto exchange and the global crypto community by reneging on the agreement between the two parties. 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, invest in stablecoins like Tether and access the whole range of cryptocurrencies directly through Binance’s trading platforms. Not long after, Zhao released a series of tweets on his official Twitter account on August 5, seemingly distancing Binance from all operations at WazirX or its holding company Zanmai Labs. Moreover, he states that recent developments surrounding WazirX have deeply concerned Binance and stressed that the Indian crypto exchange is solely responsible for all aspects such as user sign-ups, KYC, trading, and withdrawals.

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History of this topic

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’
1 month, 2 weeks ago

WazirX $230million hack: Creditors given two ways to recover stolen crypto -- ’extended delays till 2030 or...’

Live Mint  

Indian cryptocurrency exchange WazirX has announced that the users will be able to receive stolen crypto funds by April 2025 if they approve the restructuring and scheme. WazirX scheme The scheme comprises elements such as debt restructuring, token distribution, recovery token implementation, and platform reactivation. WazirX said that if the creditors approve the restructuring plan and receive sanctions from the …

From Bitcoin’s rise to WazirX’s woes: What’s in store for crypto watchers in 2025?
2 months, 2 weeks ago

From Bitcoin’s rise to WazirX’s woes: What’s in store for crypto watchers in 2025?

The Hindu  

In the last month of 2024, Bitcoin crossed $100,000 in price. Crypto price jumps are hard to pin on just one or two factors, but it is safe to say in this case that investors’ excitement played a major role as it became clear that president-elect Donald Trump was returning to the White House in 2025, and that he was …

I was as explicit as I could be: Binance CEO on WazirX hack
3 months, 3 weeks ago

I was as explicit as I could be: Binance CEO on WazirX hack

India Today  

Binance CEO Changpeng Zhao addressed WazirX’s $230 million hack from July 2024 on X, highlighting that Binance has no involvement in WazirX’s operations. Meanwhile, following the hack, WazirX founder Nischal Shetty claimed that compensation delays stemmed from Binance’s alleged control over the finances of WazirX’s parent company, Zanmai, whose unresolved acquisition deal caused a strained relationship between the two. Another …

WazirX proposes launching decentralised exchange and recovery token as investors wait to access locked up crypto
4 months, 2 weeks ago

WazirX proposes launching decentralised exchange and recovery token as investors wait to access locked up crypto

The Hindu  

In a townhall event on Wednesday, Indian crypto exchange WazirX and risk advisory firm Kroll announced plans to launch a decentralised exchange as well as a new crypto token in order to deliver some recoveries to investors whose existing crypto has been locked up since the July cyber-attack that cost the exchange over $230 million. In response to The Hindu’s …

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack
6 months, 1 week ago

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack

The Hindu  

The international cryptocurrency exchange Binance has released a statement distancing itself from the Indian exchange WazirX and accusing CEO Nischal Shetty of misleading customers, after the Indian company’s multi-signature wallet was hacked, leading to the loss of more than $230 million and bringing to light a contentious business relationship between the two exchanges. While WazirX has claimed that it was …

India’s Biggest Crypto Hack of 2000 Crores: What WazirX Hack Teaches Us
6 months, 1 week ago

India’s Biggest Crypto Hack of 2000 Crores: What WazirX Hack Teaches Us

ABP News  

Over 50 days have passed since the biggest crypto cyber hack of India- the WazirX hack- that resulted in the theft of Rs 2000 crores worth of cryptocurrencies from the exchange. What has transpired since the July 18 hack of WazirX exchange depicts a classic tale of denial and obfuscation by the exchange management, apathy of the Indian government towards …

WazirX hack: Users unlikely to get full fund
6 months, 3 weeks ago

WazirX hack: Users unlikely to get full fund

New Indian Express  

BENGALURU: Users of crypto exchange WazirX, which was hacked in July resulting in the theft of digital assets worth above Rs 2,000 crore, may not receive their funds in full. Last month, Google subsidiary Mandiant Solutions provided a clean chit to the exchange, but digital assets security firm Liminal Custody questioned the scope and methodology of the audit. We gave …

WazirX pushes for restructuring as the fastest way to resume crypto operations
6 months, 3 weeks ago

WazirX pushes for restructuring as the fastest way to resume crypto operations

The Hindu  

During a digital town hall meeting on Monday, cryptocurrency exchange WazirX and financial advisory solutions company Kroll pushed for seeking a moratorium through the Singapore legal system, even as aggrieved users demanded access to their frozen funds after the July hack that led to the loss of over $230 million. The moratorium would serve to prevent legal action from being …

The $230-million WazirX hack: regulatory gap leaves 4 million Indians stranded
6 months, 3 weeks ago

The $230-million WazirX hack: regulatory gap leaves 4 million Indians stranded

Live Mint  

About 4.2 million of WazirX’s 16 million users were struck by a massive hack of the cryptocurrency exchange on 18 July that wiped off 40-50% of their crypto balances. “I had invested approximately ₹1.4 lakh in WazirX around 3-4 years ago, which grew to ₹2 lakh over time… I think about half my money will come back—whether in 1 year …

WazirX crypto hack | As CEO Nischal Shetty confirms FIR, rival exchange CoinDCX announces ₹50 crore investor protection fund
7 months, 2 weeks ago

WazirX crypto hack | As CEO Nischal Shetty confirms FIR, rival exchange CoinDCX announces ₹50 crore investor protection fund

The Hindu  

As WazirX cryptocurrency exchange users anxiously wait for updates regarding the more than $230 million in assets stolen from a breached multi-signature wallet, rival crypto exchange CoinDCX announced a ₹50 crore Crypto Investors Protection Fund. The company’s CEO Nischal Shetty repeatedly asked users to be patient as the incident was being investigated, and confirmed this week that an FIR had …

WazirX crypto exchange hack: how much of the assets was lost, CEO Nischal Shetty’s announcement, and what happens next
7 months, 3 weeks ago

WazirX crypto exchange hack: how much of the assets was lost, CEO Nischal Shetty’s announcement, and what happens next

The Hindu  

Indian crypto exchange WazirX said approximately 45% of its crypto assets was affected by a cyber attack on July 18 that led to the loss of more than $230 million from one of its wallets. “As of June 10, 2024, at 6:30 PM, WazirX’s total holdings stood at an impressive ₹4,203.88 Crores, marking a staggering 79% surge compared to the …

WazirX crypto exchange hack and its bounty programme: what it means to India’s crypto investors?
7 months, 3 weeks ago

WazirX crypto exchange hack and its bounty programme: what it means to India’s crypto investors?

The Hindu  

On July 18, Indian cryptocurrency exchange WazirX was hit by a cyberattack that led to a loss of digital assets worth more than $230 million from one of its wallets. “The impact of the over $230M cyberattack is on the digital assets of our customers,” said WazirX in a blog post, adding that INR funds were not affected. But Liminal, …

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators
8 months ago

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators

The Hindu  

Indian cryptocurrency exchange WazirX said that it had reached out to the Indian police, the Financial Intelligence Unit India, CERT-In, and over 500 other exchanges in order to respond to a hack of its wallet that led to the theft of more than $230 million. “On July 18, 2024, WazirX experienced a cyber attack on one of our multisig wallets, …

WazirX hacked; halts withdrawals as over $230 million stolen
8 months ago

WazirX hacked; halts withdrawals as over $230 million stolen

The Hindu  

Indian cryptocurrency exchange WazirX claimed that it was “taking all necessary steps to protect the customer assets,” after a cyber-attack against one of its wallets resulted in the loss of more than $230 million. “Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” …

Indian crypto exchange WazirX hit by security breach leading to user fund loss and $230 million in withdrawals
8 months ago

Indian crypto exchange WazirX hit by security breach leading to user fund loss and $230 million in withdrawals

India Today  

Indian cryptocurrency exchange WazirX has faced a massive security breach. The crypto exchange has confirmed that the breach led to loss of user funds and $230 million in withdrawals. WazirX has shared the affected wallet address: 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4 Screenshot: X/@lookonchain “The cyber attack stemmed from a discrepancy between the data displayed on Liminal's interface and the transaction's actual contents. Liminal Custody …

Binance cleared to operate in India, subject to a $2.25-million fine and compliance
9 months ago

Binance cleared to operate in India, subject to a $2.25-million fine and compliance

Live Mint  

New Delhi: Binance, the world’s largest cryptocurrency exchange, received a notice on Wednesday from India’s Financial Intelligence Unit, which fined it $2.25 million for operating without complying with domestic anti-money-laundering regulations before December 2023. In its notice, FIU-IND said it imposed the fine “due to Binance’s ongoing provision of services to Indian clients and operations within India, without adhering to …

Binance founder Changpeng Zhao faces sentencing; US seeks 3-year term for allowing money laundering
10 months, 3 weeks ago

Binance founder Changpeng Zhao faces sentencing; US seeks 3-year term for allowing money laundering

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Changpeng Zhao, the founder of …

Binance Is in Deep Trouble
55 years, 2 months ago

Binance Is in Deep Trouble

Wired  

It’s no secret that the US Securities and Exchange Commission has been investigating Binance, the world’s largest crypto exchange—which has no head office or formal address but processes $12 billion worth of cryptocurrency transactions per day. Among other allegations, the SEC claims that Binance and the company’s CEO and founder, Changpeng Zhao, had the freedom to “divert customer assets as …

Indian Crypto Exchange WazirX banned over 2,400 users over unlawful activity
2 years ago

Indian Crypto Exchange WazirX banned over 2,400 users over unlawful activity

India TV News  

Indian Crypto-exchange WazirX, with reportedly around 10 million users, recently revealed in a report that the exchange had blacklisted 2,431 accounts after requests of blacklisting from Law enforcement agencies. The platform showed 100% compliance with LEA requests WazirX’s fourth Transparency report further stated that a total 431 requests for account blocking were made by the LEA’s across the globe which …

WazirX transfers digital assets after Binance ultimatum
2 years, 1 month ago

WazirX transfers digital assets after Binance ultimatum

The Hindu  

The Indian crypto exchange WazirX said that international exchange Binance’s claims about it having no control over WazirX and its operator Zanmai are “false and unsubstantiated,” but has confirmed that it is transferring digital assets. In a blog post early this month, Binance said that unless Zanmai clarified its “false public statements,” it would have to stop using Binance’s wallet …

Indian crypto exchange WazirX publishes proof of reserves
2 years, 2 months ago

Indian crypto exchange WazirX publishes proof of reserves

The Hindu  

Indian crypto exchange WazirX has published its proof of reserves, or data that shows the assets it holds, according to a company press release on Wednesday. The crypto exchange that serves over 15 million customers shared that its total holdings equalled around 284.82 million USDT, via the Coin Gabbar analytics platform. By total value and percentage of holdings, WazirX’s top …

Crypto giant Binance offers little transparency after FTX collapse
2 years, 3 months ago

Crypto giant Binance offers little transparency after FTX collapse

Live Mint  

The collapse of the crypto exchange FTX has triggered calls for transparency in the industry. Binance.US told the Journal at the time that the exchange had robust data protection and that U.S. customer data was stored on servers in the U.S. “Binance does not operate in China nor do we have any technology, including servers or data, based in China," …

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto
2 years, 3 months ago

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto

Firstpost  

Binance began taking steps in the past year to scrub its reputation as a shadowy giant with no headquarters that doesn’t always follow the rules. “I need your help for the sake of the industry and users.” Zhao, founder of Binance, the world’s largest cryptocurrency exchange, initially agreed to provide a loan and buy FTX to save it. “They were …

High tax on crypto may kill industry in India: Binance CEO
2 years, 4 months ago

High tax on crypto may kill industry in India: Binance CEO

Live Mint  

NEW DELHI: High taxes on cryptocurrency transactions in the country may “kill the industry” in India, Binance chief executive Changpeng Zhao said on Thursday. Addressing an event on the global fintech industry in Singapore, Zhao said the tax rate will likely be the cause for India’s crypto industry to be stifled. For instance, on WazirX, India’s largest crypto exchange by …

Crypto exchange WazirX says ED has unfrozen its bank account
2 years, 6 months ago

Crypto exchange WazirX says ED has unfrozen its bank account

The Hindu  

The Indian cryptocurrency exchange WazirX said on Monday that its bank accounts has been unfrozen by India’s Enforcement Directorate, after the exchange’s “active cooperation” and “active anti-money laundering” checks led to blocking suspicious accounts. The ED had issued orders to freeze ₹64.67 crore worth of crypto exchange WazirX’s bank deposits in August this year. WazirX’s blog post published on Monday …

Crypto exchange WazirX bank accounts unfrozen by ED, to continue banking operations as usual
2 years, 6 months ago

Crypto exchange WazirX bank accounts unfrozen by ED, to continue banking operations as usual

India Today  

WazirX, an Indian cryptocurrency exchange, announced that the ED had unfrozen its bank accounts. "In cooperation with investigators, WazirX provided all necessary details & documents of the alleged accused companies that used the WazirX platform," the exchange said in a statement. More on this https://t.co/DU36aT2oJA — WazirX: India Ka Bitcoin Exchange September 12, 2022 Notably, on August 5, 2022, the …

Indian government sources say WazirX Binance issue reveals the dark side of cryptocurrency
2 years, 7 months ago

Indian government sources say WazirX Binance issue reveals the dark side of cryptocurrency

The Hindu  

The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The agency has frozen Rs 64.67 crore worth bank deposits as part of an ongoing money laundering probe against some fraud smartphone-based loan apps "backed" by Chinese funds. …

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources
2 years, 7 months ago

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources

ABP News  

New Delhi: The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said. The agency has frozen Rs …

Binance and WazirX halt off chain transfers amidst ED probe for money laundering
2 years, 7 months ago

Binance and WazirX halt off chain transfers amidst ED probe for money laundering

The Hindu  

Indian crypto exchange WazirX announced yesterday that it will no longer enable crypto fund transfers between users’ WazirX accounts and their Binance accounts. “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the “Login with Binance” option,” stated WazirX’s release yesterday. The update comes almost a week after …

Cryptocurrency Binance WazirX India Enforcement Directorate probe money laundering crypto
2 years, 7 months ago

Cryptocurrency Binance WazirX India Enforcement Directorate probe money laundering crypto

The Hindu  

After India’s Enforcement Directorate issued orders to freeze ₹64.67 crores worth of crypto exchange WazirX’s bank deposits last week, the CEOs of WazirX and the crypto exchange giant Binance are under pressure to confirm whether WazirX is owned by Binance or not. They must also confirm whether transactions between them took place “off-chain.” The ED is probing WazirX, one of …

Pushing crypto adoption is not easy: Binance CEO
2 years, 7 months ago

Pushing crypto adoption is not easy: Binance CEO

Live Mint  

Changpeng Zhao, the CEO of crypto exchange Binance, has said pushing crypto adoption is not easy. On August 8, Binance announced that it was ending off-chain financial transfers with WazirX, which is under investigation for sending cryptocurrency assets worth ₹2,790 crore to unidentified wallets. "In order to provide clarity and protection for users, we are removing the off-chain fund transfer …

Closing off-chain fund transfers with WazirX: Binance
2 years, 7 months ago

Closing off-chain fund transfers with WazirX: Binance

The Hindu  

Global crypto exchange Binance on Monday said it is closing off-chain fund transfers with WazirX which is facing probe for outward remittance of crypto assets worth ₹2,790 crore to unknown wallets. The ED on Friday said it has frozen ₹64.67 crore worth bank deposits of WazirX as part of an ongoing money laundering probe against some fraud smartphone-based loan dishing …

Crypto, rupee withdrawals being processed normally, says WazirX after ED raids
2 years, 7 months ago

Crypto, rupee withdrawals being processed normally, says WazirX after ED raids

Live Mint  

Cryptocurrency exchange WazirX reiterated that the company's operations are being conducted as usual and crypto and rupee withdrawals are being processed normally after the Directorate of Enforcement raided one of its directors and froze bank balances to the tune of ₹64.67 crore. Crypto and INR withdrawals are being processed normally," the Indian crypto exchange said in a recent tweet. The …

WazirX account freeze, ownership mess: Will it affect user funds?
2 years, 7 months ago

WazirX account freeze, ownership mess: Will it affect user funds?

Live Mint  

Crypto experts in the country have raised concerns after the Enforcement Directorate froze cryptocurrency exchange WazirX’s bank balances worth ₹64.67 crore and Binance founder denied owning Zanmai Labs, the entity operating WazirX. On the other hand, a full-blown war has broken out on Twitter between WazirX founder Nischal Shetty and Binance founder Changpeng Zhao. Crypto entrepreneur and Coin Crunch India …

Ownership of crypto exchange WazirX sparks war between founder and Binance CEO
2 years, 7 months ago

Ownership of crypto exchange WazirX sparks war between founder and Binance CEO

Live Mint  

A day after Indian Enforcement Directorate froze assets worth $8.1 million of cryptocurrency exchange firm WazirX as part of a money laundering probe, a Twitter war has broken out between the exchange’s founder Nischal Shetty and Binance CEO Changpeng Zhao, with both claiming that WazirX is owned by the other. Shetty says Binance acquired WazirX Even as the ED accused …

ED issues order to freeze ₹64.67 crore linked to WazirX
2 years, 7 months ago

ED issues order to freeze ₹64.67 crore linked to WazirX

The Hindu  

The Enforcement Directorate has conducted searches against one of the directors of Zanmai Lab Private Limited, which owns crypto-currency exchange WazirX, and issued an order to freeze ₹64.67 crore kept in bank accounts. “These companies and the virtual assets are untraceable at the moment.maximum amount of funds were diverted to WazirX exchange and the crypto assets so purchased have been …

IT Employee to Among World's Top Richest: Know Binance Founder's Inspiring Story
2 years, 10 months ago

IT Employee to Among World's Top Richest: Know Binance Founder's Inspiring Story

News 18  

Changpeng ‘CZ’ Zhao’s story is similar to those of other entrepreneurs, except it is different. The co founder and chief executive officer of Binance, the world’s largest cryptocurrency exchange, has showed a new path for crypto business aspirants, who say he inspires them. The euphoria has also found a place to nest, in the middle eastern country of the United …

WazirX Money Laundering Case: ED Issues Notice For Crypto Transactions Worth Rs 2,790 Cr
3 years, 9 months ago

WazirX Money Laundering Case: ED Issues Notice For Crypto Transactions Worth Rs 2,790 Cr

ABP News  

New Delhi: The famous cryptocurrency exchange WazirX, along with its directors Nischal Shetty and Sammer Hanuman Mhatre experienced a big blow on Friday in the form of a show cause notice by the Information Directorate, under Foreign Exchange Management Act, 1999,. The notice was issue regarding transactions involving cryptocurrency worth Rs 2,790.74 crore. The official twitter handle of ED on …

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore
3 years, 9 months ago

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore

News 18  

The Enforcement Directorate issued a show cause notice to WazirX, the largest crypto exchange in India for transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act. A notice was sent to the popular cryptocurrency exchange and its directors Nischal Shetty and Sameer Mhatre “for contravention of the Foreign Exchange Management Act, 1999,” ED said. …

WazirX gets ED notice over Rs 2790 crore crypto transaction, company says hasn't received it yet
3 years, 9 months ago

WazirX gets ED notice over Rs 2790 crore crypto transaction, company says hasn't received it yet

India Today  

The Enforcement Directorate has issued a show-cause notice to India’s leading cryptocurrency exchange platform WazirX and its directors Nischal Shetty and Sameer Mhatre under the Foreign Exchange Management Act 1999, for transactions involving cryptocurrencies worth Rs 2,790.74 crore. “ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. “During …

Cryptocurrency exchanges explore ways to enter India
3 years, 9 months ago

Cryptocurrency exchanges explore ways to enter India

Al Jazeera  

This comes at a time when the Indian government is mulling a bill to ban cryptocurrencies. Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. But authorities worry that rich …

From Currency to Digital Assets: WazirX Founder Talks Crypto Policy, Regulation in India
3 years, 9 months ago

From Currency to Digital Assets: WazirX Founder Talks Crypto Policy, Regulation in India

News 18  

Cryptocurrency in India has seen a clear boost in recent times, with increasing interest among consumers to join the bandwagon. It took three years for WazirX, from March 2018 to 2021, to reach 2 million users – in just April 2021, it added 1.1 million users. All of these have contributed to significant growth – with WazirX, it took us …

Amid Volatile Stock Market, SC's Cryptocurrency Ruling May Bring New Investment Avenue
5 years ago

Amid Volatile Stock Market, SC's Cryptocurrency Ruling May Bring New Investment Avenue

News 18  

With the Supreme Court of India ruling to overturn the Reserve Bank of India’s directive against cryptocurrencies, stakeholders of the cryptocurrency sector in India have largely shown optimism towards embracing a new investment avenue. The ecosystem of users has grown from thousands of pioneers to over 30 million people today – phenomenal growth that significantly outpaces the early internet’s growth …

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