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Rumours Suggest Binance or Another Exchange Might Rescue WazirX
Crypto influencers are speculating that Binance, or another crypto exchange, might step in to acquire and rescue WazirX, an Indian crypto platform that has been struggling for the past four months. WazirX has been unable to offer services due to legal challenges and liquidity issues, despite efforts by its leadership to resolve the situation.
On December 13, 2024, Indian crypto influencer Kashif Raza, who specializes in Indian law, hinted that Binance or another exchange might be in talks to assist WazirX. However, he cautioned that this information might be inaccurate, as there are also rumors that the WazirX co-founders are looking to sell their stakes to exit the situation. Raza noted that the chances of a rescue were low, given the significant exit demands from the WazirX leadership.
Some crypto users on X (formerly Twitter) have expressed doubt that Binance would intervene, citing the strained relationship between the two companies. In the past, WazirX CEO Nischal Shetty had accused Binance of mishandling WazirX's finances, using its earnings for Binance’s promotional activities, though Binance has denied these allegations. Currently, Binance holds $17 million worth of cryptocurrencies belonging to WazirX, and a legal dispute is ongoing in Singapore regarding these funds and a potential breach of contract.
While many WazirX users have urged Binance’s former CEO, Changpeng Zhao (CZ), to step in, CZ has indirectly refused to assist in the matter.
$WRX
Crypto influencers are speculating that Binance, or another crypto exchange, might step in to acquire and rescue WazirX, an Indian crypto platform that has been struggling for the past four months. WazirX has been unable to offer services due to legal challenges and liquidity issues, despite efforts by its leadership to resolve the situation.
On December 13, 2024, Indian crypto influencer Kashif Raza, who specializes in Indian law, hinted that Binance or another exchange might be in talks to assist WazirX. However, he cautioned that this information might be inaccurate, as there are also rumors that the WazirX co-founders are looking to sell their stakes to exit the situation. Raza noted that the chances of a rescue were low, given the significant exit demands from the WazirX leadership.
Some crypto users on X (formerly Twitter) have expressed doubt that Binance would intervene, citing the strained relationship between the two companies. In the past, WazirX CEO Nischal Shetty had accused Binance of mishandling WazirX's finances, using its earnings for Binance’s promotional activities, though Binance has denied these allegations. Currently, Binance holds $17 million worth of cryptocurrencies belonging to WazirX, and a legal dispute is ongoing in Singapore regarding these funds and a potential breach of contract.
While many WazirX users have urged Binance’s former CEO, Changpeng Zhao (CZ), to step in, CZ has indirectly refused to assist in the matter.
$WRX
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