Delhi High Court Instructs WazirX To Transfer Binance Agreement
The Delhi High Court has directed Zettai Pte Ltd, the entity operating the crypto exchange WazirX, to provide documents outlining its contract with Binance, along with its current restructuring strategy.
The court set a one-week deadline. This follows months of repercussions from a $235 million cyberattack and an increasing number of lawsuits from creditors seeking to reclaim their lost investments.
Creditors Seek Clarity Following Significant Breach
The market demand for transparency has intensified since the 2024 safety breach that left users unsettled. Creditors contend that without definitive details regarding ownership and the company’s future direction, there’s no means to effectively evaluate how users may recover their funds. The court’s ruling marks a pivotal moment, compelling the company to reveal its position.
Delhi High Court Directs WazirX to Disclose Binance Agreement and Restructuring Strategy pic.twitter.com/6GnbRTCmv0
— Bitcoin EXPERT INDIA (@Btcexpertindia) August 6, 2025
Singapore Approves Revote on Recovery Strategy
This court order comes after a distinct ruling in Singapore, where the local High Court sanctioned a revote on WazirX’s restructuring proposal. The initial plan was turned down, but after addressing creditor concerns, a revised version was put forward for another consideration. That voting process took place from July 30 to August 6, with increased involvement from creditors.
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Request for Extensive Inquiry Into the Cyberattack
Certain creditors are demanding more than mere disclosures. They seek an independent examination, led by experts in finance and cybercrime, to investigate how the breach occurred and if any internal missteps contributed. There’s also a call for international regulators to step in to track the movement of misappropriated assets and hold accountable those involved.
The court did not limit its ruling to Zettai. It also called upon Indian regulators, including the Reserve Bank of India and the Securities and Trading protocol Board of India, to specify any actions they’ve undertaken against WazirX. This action underscores the ongoing regulatory ambiguity that still affects the cryptocurrency sector, particularly with significant financial stakes and international connections at play.
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Binance Relationship Remains Shrouded in Ambiguity
The significant issue remains Binance. Although WazirX has been linked with the international trading network for several years, Binance has publicly denied any ownership or control over it. With the court now requesting the precise terms of their agreement, we may finally gain a clearer understanding of what that connection truly entails.
User advocates have praised the court’s decision, indicating that it’s about time someone called for transparency. When vast sums are unaccounted for and no one accepts responsibility, public confidence diminishes swiftly. This case is under close scrutiny by legal professionals and regulators, who regard it as part of a broader trend toward holding cryptocurrency platforms liable.
The court is scheduled to reconvene on August 26 to assess progress. By that point, regulators are anticipated to present their findings, and the results from the restructuring vote should be available. All attention will be focused on how WazirX intends to fulfill its obligations and restore trust following a notable collapse.
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Key Takeaways
- Delhi High Court mandates WazirX to present Binance agreement documents within a week, intensifying legal pressure on the exchange.
- This ruling arises from creditor dissatisfaction following a $235 million breach and a lack of clarity regarding ownership, restructuring, and fund recovery for users.
- Singapore’s High Court allowed a revote on WazirX’s restructuring proposal after creditor objections led to the original plan’s rejection.
- Creditors are demanding an independent probe into the breach, probing potential internal issues and the tracing of global assets.
- Indian regulators are tasked to report their actions regarding WazirX, as the court urges transparency and accountability.
The post Delhi High Court Directs WazirX to Provide Binance Deal Information appeared first on 99Bitcoins.
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