WazirX founder responds to ownership dispute with Binance: The dispute is in litigation and will not affect platform operations.

Odaily Planet Daily reports that Nischal Shetty, founder and CEO of Indian cryptocurrency exchange WazirX, recently addressed the long-standing ownership dispute with Binance in an interview. Shetty stated that the dispute is currently in litigation, and the final outcome awaits legal judgment.

Shetty recalled that WazirX was sold between the end of 2019 and the beginning of 2020, and announced that it had been acquired by Binance. However, disagreements arose between the two parties regarding ownership, which escalated into a public dispute with conflicting accounts. He pointed out that the key to the issue lies in the outcome of the subsequent litigation.

Following a security incident in July 2024 that resulted in a loss of approximately $234.9 million and the completion of a restructuring approved by the Singapore court, WazirX has resumed operations. Shetty stated that the core focus for the past 15 months has been on restarting and rebuilding the platform, and now that operations are back to normal, related legacy issues will be included in the subsequent reconstruction process.

Regarding user concerns about the ownership dispute between Binance and WazirX, Shetty emphasized that from an operational perspective, it will not have a substantial impact on users. He stated that the platform has clearly disclosed the dispute in its latest terms of service to improve transparency. He indicated that the ownership issue will be resolved "at the appropriate time," but there is "no need for excessive concern" at the current operational level. (TheStreet)