On Wednesday, the court ordered Zettai to submit documentation showing the terms of its 2019 acquisition deal with Binance and details of any subsequent restructuring.
The decision comes after months of legal limbo and competing narratives between the two crypto firms.
Court demands proof of Binance ties. Source: Delhi High Court
The court referenced Paragraph 22 of an earlier affidavit and made it clear that WazirX must either prove its Binance deal existed or stop hiding behind it.
Post-Hack Claims Put Binance Back in the Spotlight
Changpeng Zhao, Binance’s then CEO, publicly walked back the announcement, saying the deal was never finalized due to confusion over operational responsibilities.
Since then, both companies have accused each other of misrepresentation, fueling a messy legal standoff that resurfaced in the wake of the July 2024 hack.
After the WazirX hack, the Indian exchange said it couldn’t redistribute unaffected user funds because Binance “controls the revenues, cash flow, and profits” of its parent firm, Zettai.
But Binance wasn’t having it.
In a sharp rebuttal, Binance said Shetty was “deflecting blame” and trying to pin the consequences of WazirX’s security failures on an unaffiliated party.
“Any suggestion of the sort is outrageously misleading,” the company stated.
Binance clarified that it had never acquired, operated, or controlled the WazirX platform and is not responsible for the consequences of the hack.
What’s Next?
With the Delhi High Court stepping in, WazirX may now be forced to reveal documents it has long kept under wraps.
The outcome could reshape not just the firm’s post-hack recovery—but also its long-disputed connection with Binance.
Whether those documents confirm an acquisition or unravel further inconsistencies, the Indian crypto community will be watching closely.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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