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WazirX Says Binance Lied About Ownership as Dispute About India’s Largest Exchange Escalates
WazirX Says Binance Lied About Ownership as Dispute About India’s Largest Exchange Escalates
India’s largest cryptocurrency exchange, WazirX, is alleging that its new owner, Binance, lied about its ownership prior to the acquisition. WazirX CEO Nischal Shetty said that the exchange is now controlled by a “foreign entity,” seemingly implying that Binance Holdings, the parent company of the leading crypto exchange Binance, is based outside India.
The statement comes days after Binance said it had acquired WazirX, which was founded in 2018 and claims to be India’s largest cryptocurrency exchange. Shetty had initially said the deal was “100% ownership by Binance” and “all of us at WazirX will continue to lead WazirX.”
The apparent shift in message has created confusion in the Indian crypto community. Shetty, who had previously claimed that the exchange would remain under Indian ownership, now says the ownership structure is being “actively discussed” and will be made clear in the “coming weeks.”
The issue of ownership has become an important one as the Indian government continues to mull over the legalization of cryptocurrencies. India’s central bank has effectively outlawed cryptocurrencies, which could lead to a major legal battle if WazirX is determined to be a foreign-owned company.
Shetty has been vocal about the need for clear regulatory guidelines for India’s digital asset industry. He said that the industry needed “a clear regulatory framework” in order to provide clarity to users and allow the industry to grow.
The dispute between WazirX and Binance over ownership is indicative of the ongoing confusion surrounding the legal status of cryptocurrencies in India. Despite the uncertain regulatory environment, WazirX and other exchanges remain active and continue to serve Indian customers. #WazirX #Binance #Cryptocurrency #India
The post WazirX Says Binance Lied About Ownership as Dispute About India’s Largest Exchange Escalates first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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