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The connection between WazirX-Binance: A timeline of events as they unfolded

A representation of cryptocurrency Binance is seen in this illustration (REUTERS)

Celebrated in 2019 as the first acquisition in the Indian crypto space, the relationship between the two entities is now in question as the ED has frozen funds of cryptocurrency exchange WazirX.

While the world’s largest crypto exchange by trading volumes Binance had proudly announced that it had ‘acquired’ WazirX in a blog post on its website in November 2019, the company’s CEO Changpeng Zhao shocked the Indian crypto exchange and the global crypto community by reneging on the agreement between the two parties.

Amidst an ongoing war of words between WazirX’s founder, Nischal Shetty, and Changpeng Zhao, investors are undoubtedly searching for defining answers about who owns and controls WazirX.

Decoding the 2019 announcement

Replete with a group photograph that showed Zhao and Shetty profusely smiling, the blog post announced WazirX’s acquisition by Binance and detailed how platform users would be able to buy cryptocurrencies using Indian rupees (INR), invest in stablecoins like Tether (USDT) and access the whole range of cryptocurrencies directly through Binance’s trading platforms.

It also explicitly says that the WazirX acquisition and integration is part of the company’s strategy to enhance its growing list of global partners, in an effort to provide the global crypto community with easy access to cryptocurrencies in a fast and secure manner.

Zhao even went further to elaborate on Binance’s commitment to developing the Indian crypto ecosystem and making India a global blockchain innovation center.

Shetty commented on how the acquisition gives WazirX the opportunity to expand beyond India and cater to a wider audience, with a specific focus on developing nations by building fiat on-ramps.

The suspiciously timed social media outbursts

WazirX is currently under the spotlight for being accused by the Enforcement Directorate (ED), India’s leading law enforcement agency fighting economic crimes, of assisting instant loan app companies in laundering money.

In fact, the agency has frozen the financial assets of the Indian crypto exchange after a search operation was conducted under the Prevention of Money Laundering Act (PMLA) on August 3, 2022.

Not long after, Zhao released a series of tweets on his official Twitter account on August 5, seemingly distancing Binance from all operations at WazirX or its holding company Zanmai Labs.

In his tweets, Zhao clarified that Binance doesn’t own any equity in Zanmai Labs and only provides wallet services to WazirX as a technology solution.

Moreover, he states that recent developments surrounding WazirX have deeply concerned Binance and stressed that the Indian crypto exchange is solely responsible for all aspects such as user sign-ups, KYC, trading, and withdrawals.

Ostensibly, this has elicited responses from Shetty as well, with a war of words still ongoing between the heads of the two crypto firms.

How WazirX views their association with Binance

While categorically denying all accusations leveled by the ED and reiterating WazirX’s cooperative stance, Shetty has been putting out multiple tweets detailing how Binance is the true owner of WazirX on his Twitter account.

He goes further to clarify that Zanmai Labs is a separate entity and that Binance owns the WazirX domain name, has root access to AWS servers, and retains all profits and crypto assets stored on the platform.

Elucidating further how Zanmai Labs is an Indian entity owned by Shetty and the other co-founders, he does state that Zanmai Labs has a license from Binance to operate INR-crypto pairs in WazirX and that Binance manages crypto to crypto pairs and processing withdrawals.

Binance on the other hand has clarified that the 2019 ‘acquisition’ was limited to an agreement to purchase certain assets and intellectual property of WazirX, with WazirX continuing to be operated and managed by Zanmai Labs.

While the battle of words rages on between both personalities, WazirX users continue to hang in the balance even as the company’s founder reiterates that all crypto assets and fiat money deposited are safe.

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Watergate scandal: Here is a timeline of how events unfolded

Watergate scandal: Here is a timeline of how events unfolded

Democratic senators open probe

On January 8, 1973 the trial of the Watergate burglars opens in the face of public indifference.

On February 7, the Democratic majority in the Senate sets up a committee charged with investigating the 1972 electoral campaign. Broadcast live on television, the hearings end up transfixing Americans.

McCord soon admits to having lied before the court due to pressure from the White House.

On April 30, attorney general Richard Kleindienst and two of the president’s aides, Bob Haldeman and John Ehrlichman, resign. A third aide, John Dean, is fired.

On June 25, Dean tells the committee that the president was aware from September 15, 1972, of a cover-up of the burglary.

He says Nixon was ready to spend nearly a million dollars to buy the burglars’ silence.

He thus becomes the first witness to directly implicate the head of state.



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hijab: Karnataka hijab verdict: How events unfolded | India News – Times of India

hijab:   Karnataka hijab verdict: How events unfolded | India News - Times of India
NEW DELHI: The full bench of the Karnataka High Court, which concluded its hearing in the Hijab case, is likely to pronounce its verdict on Tuesday.
The demand by a section of girls in an Udupi pre-university college to wear Hijab inside their classrooms erupted into a major row after some Hindu students turned up in saffron shawls with the issue spreading to other parts of the state, even as the government insisted on a uniform norm.
Earlier, the High Court had reserved its order on various petitions challenging the ban on Hijab in educational institutions.
Here’s a look at how the hijab controversy unfolded in the last few months:
Dec 31: An incident of about six students from Government PU College for Girls, Udupi, demanding they wear hijab inside classrooms comes to light. During admission, they were informed about the rules and nobody had objected, the college says
Jan 1: A meeting organised at the college decides not to allow students to wear headscarf inside classrooms.
Jan 6: Pompei College Aikala decides to allow students to wear only prescribed uniform. College hogs limelight after pictures and videos of students wearing saffron shawls on campus go viral.
Jan 13: Eight students from Government PU College for Girls, Udupi, decide to attend classes only if they are allowed to wear hijab. MLA Raghupathi Bhat writes to PU director. Students claim the undertaking they signed at the time of admission spoke only about wearing uniform and identity cards.
Jan 19: Another attempt is made to solve the headscarf row at the Udupi college. It’s decided that students can wear hijab in classrooms; however, once the teacher arrives and classes begin, they will have to remove it. In case they do not agree, they will have to wait for government orders.
Jan 25: Karnataka government decides to set up expert committee to decide on uniform and dress code. It directs colleges in Udupi to maintain status quo till panel takes a final decision. On January 28, even as the college betterment committee at the Government PU College for Girls starts discussions with Muslim leaders and parents to end the hijab crisis, Campus Front of India states it will continue to support the girls.
Jan 31: MLA Raghupathi Bhat says action will be initiated against students who enter classrooms wearing hijab.
Jan 31: Five Muslim girls from Government PU College for Girls, Udupi, approach high court seeking a declaration from it that they have a fundamental right to practise essential religious practices, including wearing of hijab as per Islamic faith, on college premises. On February 1, six students denied entry into classroom.
Feb 2: Controversy erupts in another government college — in Kundapur — as 28 girls sport hijab and about 50 boys don saffron shawl. MLA Haladi Srinivas Shetty requests students to follow prescribed uniform.
Feb 2: Some students protest against those wearing hijab in Sir MV Government College in Bhadravathi, Shivamogga.
Feb 3: Controversy flares up in Kundapur Junior College as nearly 28 Muslim students denied entry for wearing hijab. It spreads to Bhandarkar’s Arts and Science College and later to Government PU College.
Feb 4: A group of students from government PU college in Ramadurga, Belagavi, comes to class draping saffron shawls on Feb 1. But incident comes to light on Feb 4.
Feb 8: Tension grips Mahatma Gandhi Memorial College in Udupi after Hindu students wear saffron turbans and shawls to counter students sporting hijab.
Feb 8: Govt declares 3-day holiday as high court hears petition filed by students.
Feb 9: Karnataka High Court Chief Justice Ritu Raj Awasthi constitutes a full bench to hear the Hijab row.
Feb 10: The SC refused to list a plea seeking transfer of hijab row petitions from the Karnataka High Court to the Supreme Court on an urgent basis.
Feb 14: Schools opened in Karnataka. Visuals showing students and teachers being asked to take off their hijab and burqa before entering the campus were on rounds.
Feb 16: Pre-university colleges and schools open after they were shut for a week.
Feb 23: The Karnataka High Court states that its interim order in the hijab case is applicable to all educational institutions as long as the matter is sub-judice. Court also said that if an institute wants, it may prescribe a uniform at any given time.
Feb 25: The Karnataka High Court reserves its judgement in the hijab row after a marathon hearing in the case.