During the press conference, WazirX representatives avoided many questions about its efforts to shore up capital. The company said it’s holding talks with an unnamed white knight, but said the capital won’t be raised against equity because of an ongoing dispute with Binance, the world’s largest cryptocurrency exchange — Binance and WazirX have been closely linked at some point.
In late 2019, Binance announced the acquisition of WazirX in a blog post, but later disputed that it had acquired the firm. After a public row, the cryptocurrency exchange terminated its tech offerings to the Indian firm in 2022.