According to some crypto influencers, some crypto companies are in talks to acquire and rescue the WazirX crypto exchange.
WazirXA well-known crypto trading platform in Indian jurisdiction that has not been available to provide services for the last 4 months, is currently in big trouble. The leadership of this exchange has been doing everything possible to bring services back online, but is subject to multiple legal limits and lacks fund liquidity.
On December 13, 2024, a popular Indian crypto influencer, Kashif Raza, who has experience in Indian laws, said that Binance or some other crypto exchange is reportedly planning to rescue the WazirX crypto exchange.
Kashif also said that such information could be inaccurate and false. He noted that currently some rumors were also suggesting that WazirX co-founder and other leaders were planning to sell their stakes in WazirX in good amounts to overcome all these hurdles.
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Previously, many rumors were made public about WazirX, but WazirX CEO Nischal Shetty never spoke about such rumors. He even once called Binance a responsible exchange behind the poor financial situation. The Binance exchange reportedly used all profits from WazirX for promotional activities of the Binance crypto empire, but later, the Binance team dismissed all such allegations.
According to multiple reports, Binance currently holds $17 million in cryptocurrencies belonging to the WazirX crypto exchange. Currently, the legal battle between both exchanges is active in a Singapore court related to these funds and another breach of contract.
However, many WazirX customers asked former Binance CEO Changpeng Zhao (CZ) to interfere in this matter, but CZ indirectly refused to help.
Also Read: WazirX trades client assets without consent, but it’s a positive twist!
