Binance Says It Doesn't Own Indian Exchange WazirX, Years After Acquisition Announcement (techcrunch.com) 17
Binance, the world's largest crypto exchange by trading volume, said on Friday it doesn't own India-based platform WazirX despite disclosing the acquisition two and a half years ago. From a report: Changpeng Zhao, founder and chief executive of Binance, said in a series of tweets that the company has been "trying to conclude the deal for the past few years," but hasn't completed the transaction yet citing "a few issues" that he declined to elaborate. Binance announced the acquisition of WazirX in late 2019 in a blog post.
The official blog post, which carried a picture of Zhao and WazirX founders, also featured the Binance executive's enthusiasm about the deal. "The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money," the 2019 post cited him as saying. WazirX also reported that it had been "successfully acquired by Binance" in a separate blog post.
The official blog post, which carried a picture of Zhao and WazirX founders, also featured the Binance executive's enthusiasm about the deal. "The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money," the 2019 post cited him as saying. WazirX also reported that it had been "successfully acquired by Binance" in a separate blog post.
yeah, and... (Score:4, Informative)
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If you're going to post on Slashdot you need to have no fear of commitment.
Re: yeah, and... (Score:2)
Clearly something you're father didn't have.
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Editing posts on forums has only been possible for 25+ years. Something that new will take a while to make its way to Slashdot.
Slashdot already has post editing. You write the post. You click preview. You can then edit the post. Then you click submit. It appears on the page and you can't edit it any more.
This is by far the most correct design for a threaded forum, because letting people edit comments means that you either have people editing their comments to try to change conversational history, or you have to provide an edit history. And that just means more cost, because you not only have to store more versions of more comments,
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One compromise I've seen that makes sense to me is to allow you to edit your posts--until it's replied to. At that point it becomes locked.
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Slashdot just doesn't believe in the Memory Hole. Good on them, I say.
Auditors? (Score:5, Informative)
This is the sort of issue that auditors should make clear. If the annual accounts are claim the acquisition has completed, then the auditor needs kicking. If annual reports are obtuse, then the auditor needs kicking. And this is why the SEC is so committed to making sure US listed firms are audited properly.
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What auditors? Is that a joke?
Some are getting slaps on the wrist (Score:2)
KPMG has been fined a few million for its mess up in this case in the UK. Whether the SEC is making a better fist of taking a decent bite out of auditors' profits I don't know.
https://www.theguardian.com/bu... [theguardian.com]
Though it can be argued that the bright nerds who used to go into accountancy are now in IT, leaving a shortage of basic competence in the industry.
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Binance isn't doing any audits, that was the joke.
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Binance pulled out of the US (Binance.us is allegedly a wholly-separate entity that licenses the name from Binance). Binance itself is incorporated in the Seychelles. The SEC can't touch them.
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CZ made the same claim about Binance owning Binance.us. Turns out CZ personally owns it, not Binance. CZ is a pathological liar by the way.
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That doesn't really disagree with what I said . . .
Guess: The tech never existed, or it was a scam. (Score:2)
The startup community in India is notoriously dishonest. I would imagine that this technology never actually existed, or if it existed, it was not own by the people who said they owned it, but took the money and ran anyway... After all, you don't go multiple years without a company being successfully handed off without the old owners saying no in some way.
This is further complicated by the fact that in India, people who are not citizens of the country may not own assets or businesses. As a result, if a fore
Payment by cryptocurrency (Score:2)