Binance CEO To Shut Down WazirX? Here’s What You Should Know

Binance’s CEO has boldly said that he could shut down after a recent raid by ED on the WazirX director. However, WazirX’s co-founder nischal shetty nischal shetty Nischal Shetty is the Founder of India's largest and extremely trusted crypto exchange platform called WazirX. He is an entrepreneur who is passionate about technology, blockchain, crypto, and innovation. Founded WazirX in 2018 with a mission to involve every Indian in the blooming Blockchain revolution, built along with a team of passionate blockchain believers and hardcore traders. At present, he is also serving as Committer at Shardeum since February 2022 which is a sharded, infinitely scalable, community-driven completely decentralized layer 1 blockchain firm.   In 2010, Nischal became the Founder of Crowdfire which is a Software development company based in Mumbai. Via Crowdfire he helps individuals easily manage their social media profiles around multiple platforms by bringing them into a single and simple interface. Nischal Shetty began his career life holding and leading the position of Software Executive at 31 Infotech developing virtual solutions in Java and related technologies. Whereas In January 2009, he Founded Twi5 which is one stop place for discovering all the best Twitter applications and attracts thousands of visitors every day. Apart from this, he adores sharing his opinions on technology, development, and innovations. Nischal Shetty has been honored with several awards and recognitions some of which include Forbes 30 under 30, and the Inspiring CEO’s award by ET.  EntrepreneurDeveloper/ProgrammerChief Executive OfficerAuthor had a different take on this and countered the statements given by the Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment CEO. 

Zhao has accused Nischal Shetty of being uncooperative in the process. 

Zhao remarks that “We could shut down WazirX ”, proving that he has complete control over the exchange. To this, Shetty appreciated that Zhao confirmed that the WazirX domain was transferred to Binance’s control. Nischal mentioned that they still own Zanmai and asked why Zhao is not taking that up. 

The two were at war with each other through tweets last night. Recently, in a tweet by CZ, he replied to a Tweet by Nischal and accused him of “playing deception wording games.”

As per Shetty, all the assets and Cryptocurrencies of the users are safe as the company ensures proper KYC and policies. All the transactions are traceable as the company follows only bank transfers. The details are kept confidential between users and their accounts. 

To send assets to their own account, off-chain transfer options are used. There is a KYC for those transfers. WazirX always compiled the compliances set up by all the authorities. 

Action Against ED?

WazirX has claimed that they are complying with the ED and are replying to all the queries. The exchange, however, is denying all the allegations made by the government agency. Their team is looking forward to formulating an action plan moving forward but claims that there will be no effect on any of the current deposits. 

In the past months, Zhao tweeted that they are looking forward to taking down WazirX but they were not able to do it as of now. He further added that Binance has no control over the operations of the exchange including sign-up, KYC, and trading.

CZ has asked the users to transfer funds to Binance who holds funds on WazirX. He highlighted that Binance has full control and the power to disable WazirX wallets. However, he will not take such an action in order to protect the interests of all the users. Zhao concluded that WasirX has just given them AWS login without any source code and capability.