The founder of WazirX stated that the ownership dispute with Binance has entered the litigation stage.
TL;DR
WazirX founder Nischal Shetty confirms the ownership dispute with Binance is now in litigation, with the sale claimed in 2019/2020 but denied by Binance. The focus is on restarting the platform, and the dispute is not expected to significantly affect users, as operations have resumed after court-approved restructuring.
According to ChainCatcher, as reported by TheStreet, Nischal Shetty, founder of Indian crypto exchage WazirX, stated in an interview that the long-standing ownership dispute between WazirX and Binance has entered the litigation stage.
Shetty reiterated that WazirX was sold to Binance in late 2019 or early 2020, although Binance subsequently denied holding any shares. Shetty stated that the current focus is on the platform's restart and rebuild, and the final outcome of the ownership dispute will be decided by law. He emphasized that the dispute will not have a significant operational impact on users, and that WazirX's updated terms of service clearly outline the ownership issues and dispute explanation, providing users with greater transparency. WazirX has now resumed operations after completing the restructuring process approved by the Singapore court.