Rumours suggest Binance or another crypto exchange coming to rescue WazirX

As per some crypto influencers, a few crypto companies are in talks to acquire & rescue the WazirX crypto exchange.

WazirX, a well-known crypto trading platform in the jurisdiction of India that has been unavailable to provide services for the last 4 months, is currently in big trouble. The leadership of this exchange has been doing their best to bring the services back to line but is bound by multiple legal boundaries & lacks fund liquidity.

On 13 Dec 2024, A popular Indian crypto influencer, Kashif Raza, who has expertise in Indian laws, said that Binance or some other crypto exchange is reportedly planning to rescue the WazirX crypto exchange.

Kashif also said that such information might be inaccurate & false. He noted that, currently some rumours also suggested that WazirX co-founder & other leaders were planning to sell their WazirX stakes in good amounts to exit from all these hurdles.

Some crypto X (formerly Twitter) users said that they don’t think that Binance can show interest because the relationship between Binance & WazirX has a bad history.

Earlier, many rumours came to the public domain regarding WazirX, but WazirX CEO Nischal Shetty never talked about such rumours. Even once he called Binance as a responsible exchange behind the bad financial position. Reportedly Binance exchange used all WazirX’s earnings for promotional activities of the Binance crypto empire, but later, Binance’s team dismissed all such allegations.

As per multiple reports, Binance currently holds $17 million worth of cryptocurrencies belonging to the WazirX crypto exchange. Currently, the legal battle between both exchanges is active in a court in Singapore related to these funds & another contract breach.

However, many WazirX customers asked Binance’s former CEO, Changpeng Zhao (CZ), to interfere in this matter, but CZ indirectly refused to help.

Read also: WazirX Trades Customer Assets Without Consent – But It’s a Positive Twist!