Binance Acquired WazirX and Closed Its Office in China

According to an announcement published on November 21st, Binance entered India’s cryptocurrency market and acquired the well-known crypto exchange WazirX.

As a result, from November 25th, users of the exchange can use Indian rupees to buy and sell cryptocurrencies through the Binance Fiat Gateway.

The fact that Binance acquired WazirX is a boost for the crypto community in India, which has been facing bans in the past. For instance, in July 2018, the Reserve Bank of India put a ban on banks that are dealing with crypto-related companies.

After the ban, WazirX had to transform its business model to the P2P platform. Moreover, other crypto exchanges in India had to close their businesses.

WazirX is now India’s first cryptocurrency exchange that has been acquired by an international exchange.

binance acquired wazirx

For Binance, this means one more international crypto-fiat exchange, among four others, including Binance Uganda, European trading platform Binance Jersey, Binance Singapore and Binance US.

In the meantime, the news about the Shanghai government raiding Binance’s office spread within the crypto community.

Binance office closed in China

binance office china

Following a police raid, Binance’s office in Shanghai, China closed. According to different sources, this was the result of Shanghai’s government probe of cryptocurrency-related activities.

Binance’s employees working in the Shanghai office now work either remotely, or they relocated to Singapore. Sources also state that many of the exchange’s executives and around 50-100 employees worked in Shanghai.

Earlier, a Binance spokeswoman denied the raid, stating that the exchange doesn’t have a fixed office in Shanghai.

However, just a day before the news came out Binance CEO Changpeng Zhao posted on his Twitter account that “offices and HQs are old concepts like SMS and MMS.”

Consequently, the news about the Shanghai office raid and shut down had an effect on bitcoin’s price, which crossed below the $8,000 level and has reached a low of around $7,549.

Final words

The Airdrop Alert team recently attended the talk of Binance CEO Changpeng Zhao during the Blockshow in Singapore. Here you can find out more about it.

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