Who Really Owns WazirX? The Truth Behind the Binance Dispute

In the aftermath of the $234 million WazirX hack in July 2024, a heated dispute between WazirX, India’s largest cryptocurrency exchange, and Binance, the global crypto giant, has taken center stage. At the heart of the feud is a critical question: Who truly owns WazirX? This blog dives into the controversy behind the Binance WazirX ownership saga, its origins, and what it means for the crypto ecosystem.

The Backstory: A 2019 Acquisition

In November 2019, Binance announced it had acquired WazirX to expand its footprint in India, a fast-growing crypto market. Later in Aug 2022, they updated that the acquisition described in a blog that they had published earlier, they meant that Binance would be purchasing certain assets and intellectual property from WazirX.

So, no acquisition actually happened, but then what triggered the rumor and the accusations?

Who Owns WazirX: The Feud Ignites

The ownership dispute came to a head in 2022 and intensified after the WazirX hack in 2024. Key events fueling the conflict include:

1. 2022: Binance Denies Ownership: In August 2022, Binance’s CEO, Changpeng Zhao (CZ), publicly stated on X that Binance did not own WazirX. He claimed the 2019 acquisition was never finalized due to incomplete documentation and that Binance only provided “technical support” for WazirX’s wallet services. This contradicted Binance’s 2019 announcement and shocked WazirX users.
2. WazirX’s Rebuttal: Nischal Shetty countered, insisting Binance acquired Zettai Pte Ltd and that WazirX operated under Binance’s umbrella. Shetty pointed to Binance’s blog post and shared integration details, like WazirX users accessing Binance’s trading engine. He accused Binance of distancing itself to avoid regulatory heat in India.
3. Regulatory Pressure: India’s Enforcement Directorate (ED) froze $8.1 million in WazirX assets in 2022, investigating alleged money laundering tied to crypto transactions. The ED probed Binance’s role, suspecting WazirX acted as a front for Binance’s operations in India, where crypto exchanges face strict oversight. Binance’s ownership denial was seen as an attempt to evade liability.
4. Post-Hack Fallout (2024): After the $234 million hack, Binance publicly distanced itself further, stating it had “no control” over WazirX’s operations or reserves. WazirX, struggling to compensate users, leaned on the 2019 acquisition narrative, implying Binance shared responsibility. This sparked user outrage, with many demanding clarity on who was accountable for their losses.

Who Owns WazirX: Unpacking the Dispute

The Binance-WazirX feud hinges on conflicting narratives about ownership and operational control:

• Binance’s stance: Binance consistently argued it never completed a full legal takeover and that any role it played was limited to technical support and certain asset purchases. Binance’s public statements stressed that it does not control WazirX’s finances, a direct answer to questions about who owns WazirX.
• WazirX’s position: WazirX has pointed to the 2019 announcement, integrations with Binance systems, and shared operational touchpoints to argue that Binance’s influence was substantial. WazirX’s narrative effectively asserted that Binance’s involvement meant someone else, not WazirX alone, must answer when funds were lost, continuing the debate over who owns WazirX.
• The grey area: Corporate filings for Zettai Pte Ltd (WazirX’s Singapore parent) keep ownership details private, and the public record does not offer a definitive, single-page proof that Binance “owns WazirX.” That opacity meant observers, regulators, and users kept asking who owns WazirX, and that’s why the dispute persisted into legal proceedings.

Who Owns WazirX: The Impact

The feud has far-reaching consequences for users, regulators, and the crypto industry:

• User Confusion and Losses: WazirX’s 15 million users, already reeling from the hack, face uncertainty over who is responsible for recovery efforts. Many accuse Binance of abandoning them, while others criticize WazirX for misrepresenting its ties. Social media posts on X reflect growing distrust, with users calling for boycotts of both platforms.
• Regulatory Scrutiny: Indian authorities, including the ED and Financial Intelligence Unit (FIU), are investigating the ownership dispute. In February 2025, the ED summoned Binance executives to clarify their role in WazirX’s operations. India’s push for stricter crypto regulations could intensify, impacting all exchanges.
• Industry Reputation: The public spat erodes trust in centralized exchanges, pushing users toward decentralized platforms. Rival exchanges like CoinSwitch and ZebPay have capitalized on the feud, marketing themselves as “transparent” alternatives.
• WazirX’s Survival: WazirX’s restructuring, approved by Singapore’s High Court in January 2025, hinges on repaying 80% of user losses. Without Binance’s financial backing, WazirX’s recovery plan may falter, risking bankruptcy.

What’s Really Going On?

Several practical and strategic drivers explain why the feud persisted:

India’s regulatory environment: The tax and reporting changes in India since 2022 have made operating here complicated. Binance’s public distancing, and the ambiguity over who owns WazirX, can be read as part of a strategy to limit regulatory exposure while keeping technical and commercial ties flexible.

Liability avoidance: After the hack, acknowledging clear ownership would have made Binance (if it did own WazirX) directly liable for huge losses. Publicly clarifying “who owns Wazirx” in a way that implied liability would have legal and financial consequences, so both companies managed their statements cautiously.

Operational integration vs legal ownership: Technologists and blockchain analysts noted shared APIs, wallet tech, and past integrations that suggest operational influence. But without a single transparent legal document proving the chain of control, the debate over who owns Wazirx remained partly technical, partly legal, and mostly unresolved for the public.

Lessons for Crypto Users

The Binance-WazirX feud highlights risks in the crypto ecosystem:

1. Verify Platform Ownership: Research exchange ownership and regulatory status before investing. Public announcements can sometimes be misleading or even only partially true, without legal backing.
2. Diversify Holdings: Avoid storing all assets on one exchange. Use hardware wallets or decentralized platforms to reduce reliance on centralized entities.
3. Demand Transparency: Support exchanges that disclose ownership, financials, and security practices. Lack of clarity, as seen in this feud, amplifies risks.
4. Stay Informed: Follow regulatory developments, especially in markets like India, where policies can shift rapidly. Platforms like X provide real-time updates on such disputes.

ALSO READ: Will WazirX Ever Recover? A Skeptical Look at Expert Opinions & Scenarios

The Road Ahead

As of October 2025, the ownership dispute continues to colour perceptions, but crucial non-ownership facts have moved forward:

• Singapore court and restructuring: WazirX’s parent, Zettai Pte Ltd, secured a Scheme of Arrangement sanction from the Singapore High Court on October 13, 2025, and filed the order with ACRA on October 15, 2025. That filing starts the implementation phase for repayments and token issuance and reduces immediate legal uncertainty — yet it does not, by itself, answer the public question of who owns Wazirx.
• Operational restart: WazirX announced the platform would restart within 10 business days of the ACRA filing; distributions (crypto credits + recovery tokens) are expected to begin soon after. In fact, as of Oct 23rd, WazirX has announced that they have resumed trading facilities on the platform.
• Regulatory pressure: Indian agencies continue to investigate transactions and operational controls; authorities are still interested in clarifying who owns Wazirx for enforcement and remedial purposes.

In short, the restructuring gives users a path to recovery, but it does not resolve all doubts over who owns Wazirx, and those doubts continue to shape trust and regulatory responses.

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