Shock from India to Binance

An injunction was applied to the WazirX exchange, which is operated by Binance in India, on the grounds that it broke some rules. Binance, on the other hand, denies ownership. 

WazirX, the country’s largest cryptocurrency exchange, run by Indian regulators Binance , is facing troubles. Restrictions on cryptocurrencies in the country hit the stock market.

Shock to WazirX exchange

The Security Administration of India announced that it has seized $8 million in bank assets from WazirX exchange for non- compliance with foreign currency exchange rules . It is also bad for Binance that the stock market, which produced 43 billion dollars in volume in 2021, has problems, but Binance has found a different solution.

Chanpeng Zhao, who stated that he had purchased and operated the WazirX cryptocurrency exchange for years, claimed that they only offered crypto wallet integration to the WazirX exchange after the event and the purchase was not realized.

It is unknown why a dollar billionaire boss turned this way. WazirX founder Nischal Shardeum shared that WazirX exchange was acquired by Binance, crypto currency pairs and withdrawals are handled by Binance, they have licenses to execute INR pairs, and even the WazirX domain name is in Binance’s hands. It is unknown for now how the subject will develop in the future.

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