The ownership dispute between WazirX and Binance has entered formal litigation, according to WazirX founder and CEO Nischal Shetty. Shetty said the case will clarify control questions that have followed WazirX since the 2019 acquisition announcement.
He spoke during an interview with TheStreet Roundtable host Mehab Qureshi and framed the dispute as crucial for both companies. Shetty also said the legal process should not disrupt day-to-day user operations at the Indian crypto exchange.
Meanwhile, the July 2024 hack involving multi-signature wallets and a related custody dispute with Liminal continues to shape investor concerns. As of December 27, 2025, CoinMarketCap data places Bitcoin near $87,496 with market dominance around 59%.
Shetty said the WazirX-Binance ownership dispute has moved beyond public statements and into court proceedings. WazirX has maintained that Binance completed an acquisition around late 2019 or early 2020. Binance has publicly denied that it holds a stake in WazirX.
As both sides have repeated conflicting claims, Shetty described the situation as a “he said, she said” dispute. Therefore, he said the litigation phase matters for future clarity. He added that users should not expect operational changes from the legal process.
WazirX announced in 2019 that Binance had acquired the exchange, and the announcement set expectations about ownership and platform control. However, Binance later stated that it did not own WazirX. This gap created ongoing debate about who controls operations, compliance decisions, and related responsibilities.
During the interview, Shetty said WazirX remains an independent entity despite Binance’s position. When Qureshi asked about any Binance outreach after the 2024 hack, Shetty declined to comment and cited sub-judice limits. The statement left open questions about coordination between the firms.
In July 2024, attackers targeted WazirX-linked multi-signature wallets and stole more than $230 million, based on Shetty’s account. WazirX blamed Liminal’s multi-signature wallet infrastructure and said it would migrate remaining assets to a new setup. WazirX also said it would publish new wallet addresses after migration to support transparency.
Liminal rejected responsibility in an October 22, 2024, statement and pointed to public data about asset balances. Shetty confirmed that WazirX used Liminal’s software for multi-key security and address whitelisting. He said the design required a third party to review withdrawals, even if team devices got compromised.
Shetty said attackers used an external fund-management website and not WazirX systems. He added that WazirX tracked activity through three laptops and awaits further details from Liminal. Liminal also said WazirX still held over $175 million on its platform, with about $50 million under WazirX's control directly.