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CZ Denies Binance Ownership of Troubled WazirX Exchange
August 8, 2022
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The head of the world's largest cryptocurrency exchange Binance, Changpeng Zhao, argued with the WazirX team over sensitive legal news.
What’s up With WazirX?
On Aug. 5, Indian authorities announced the freezing of assets of WazirX, a leading crypto exchange in the country, to investigate suspected violations of foreign exchange regulations.
Although the amount of money frozen by the authorities is not large, only about $8 million, this information has caused a particular stir in the crypto community. The reason is that WazirX is a trading platform that was purportedly acquired by Binance in 2019.
Binance Backs Away
Shortly after the news broke on WazirX’s legal issues, Binance CEO Changpeng Zhao (“CZ”) made a surprising statement that Binance had never acquired WazirX.
“Binance agreed to invest in Zanmai Labs, the company behind WazirX, but the equity transfer was never made. Both sides only have a technical support relationship. Binance provides a wallet service for WazirX and helps reduce transaction fees. WazirX completely controls its exchange management, including user registration, KYC, and deposits,” Zhao said on Twitter.
However, Nischal Shetty, the founder of WazirX, refuted Changpeng Zhao's claims. He claimed that Binance had acquired WazirX and Zanmai Labs, an Indian company owned by him and other co-founders.
In addition, Shetty said Zanmai Labs has a license from Binance to trade the Indian rupee to crypto pairs on the WazirX platform, and that Binance also manages crypto-crypto pairs and withdrawals. He said everything is clearly stated in the WazirX Terms of Use.
The Warzix CEO also said that Binance owns WazirX's domain name, has root access to WazirX's AWS server, manages all WazirX’s crypto assets, and holds all WazirX’s profits. Therefore, Shetty said Zanmai Labs should not be equated with WazirX.
Binance CEO Zhao responded, “It's sad to have to debate this on Twitter. Binance only provides wallet services for WazirX. The WazirX domain name has been transferred under our management. We share access to AWS. In theory, we could crash WazirX, but we don't because it would harm users.”
“Binance does NOT manage activities such as user registration, KYC, trading and withdrawals. WazirX's founding team has full control over them. They never handed over control of them to Binance, despite our requests,” he said.
Finally, WazirX founder Shetty said KYC is handled by Zanmai India through a license by Binance, and said if Zhao wants KYC control over WazirX, then Binance needs to acquire Zanmai India.
Binance CEO Zhao warned users that if they have money on WazirX, to move to Binance.
What Is WazirX:
WazirX is one of the leading cryptocurrency exchanges operating in India. The exchange was founded in March 2018 by Computer Science engineer Nischal Shetty alongside co-founders Sameer Mhatre and Siddharth Menon. The platform launched its own token.
Find more about WazirX here:
Website | Twitter | Youtube | Instagram | Facebook | Telegram | Reddit |
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Coinbase Gains Regulatory Nod from BMA for Retail Perpetual Futures Trading
September 28, 2023
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Building on the launch of its International Exchange in May, the approval reflects Coinbase's effort to extend perpetual futures trading to eligible non-US clients.
Summary
- Coinbase has obtained regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures for eligible non-US retail customers.
- The approval builds on Coinbase's earlier announcement in May 2023 when it launched Coinbase International Exchange, a platform aimed at non-US institutions to trade perpetual futures.
Crypto exchange, Coinbase, in an announcement said it has obtained regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures for eligible non-US retail customers. Aligning with the BMA's rigorous guidelines, the move underscores Coinbase's dedication to compliance and regulatory standards.
This approval builds on Coinbase's earlier announcement in May 2023 when it launched Coinbase International Exchange, a platform aimed at non-US institutions to trade perpetual futures. Now, the BMA's approval extends this trading option to non-US retail customers.
As of today, non-US retail traders can verify their eligibility for perpetual futures trading on Coinbase Advanced, the company's retail trading platform, with official trading operations set to commence in the coming weeks.
Coinbase’s “Go Broad, Go Deep” Expansion Strategy
“As announced in the Phase II of our “Go Broad, Go Deep” strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation,” Coinbase said.
While the company initially planted its roots in the United States, it now seeks to expand access to perpetual futures for eligible non-US clients, thus contributing to the evolution of the global financial system and extending economic freedom and opportunities to users worldwide.
In a climate where several crypto exchanges are facing increased regulatory scrutiny and scaling back operations in certain regions, Coinbase's expansion into perpetual futures demonstrates its determination to cater to growing demand in the crypto derivatives market while upholding security and transparency standards.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
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