Indian cryptocurrency exchange WazirX has revised its Terms of Use to formally identify Zanmai Labs Private Limited as the operator of its cryptocurrency trading services, replacing earlier contractual language that assigned responsibility for those operations to Binance.
The updated agreement, dated October 23, 2025, states that Zanmai now operates crypto-to-crypto trading and related services following a restructuring sanctioned by the Singapore High Court on October 13, 2025.
The document acknowledges that Binance previously operated those services from November 2019, according to WazirX’s account, while explicitly recognizing the continuing dispute between Binance and Singapore-based Zettai Pte Ltd over the platform’s ownership.
The revision represents a significant change in WazirX’s contractual description of its operating structure, particularly following the July 2024 cyberattack that resulted in approximately $230 million in cryptocurrency losses. However, the new language should not be interpreted as a legal determination of Binance’s historical responsibilities, which remain disputed between the companies.
Revised agreement consolidates operations under Zanmai Labs
WazirX’s previous user agreement, last revised in August 2023, identified Binance and Zanmai Labs as separate providers responsible for different components of the exchange’s services. Under that arrangement, Binance was described as handling cryptocurrency-related operations, while Zanmai managed Indian rupee services and associated domestic functions.
The revised document instead establishes a direct contractual relationship between users and Zanmai Labs for services offered through WazirX. It identifies Zanmai as an India-incorporated company registered with the Financial Intelligence Unit under registration number VA00031068.
The operational transition follows amendments to WazirX’s restructuring proposal in July 2025, when the exchange incorporated Zanmai into its recovery framework to address regulatory changes affecting digital-token service providers in Singapore.
The Singapore High Court subsequently sanctioned the modified restructuring arrangement, allowing WazirX to restart trading on October 24, 2025. The exchange recently marked the first anniversary of that reopening, reporting that eligible creditors had received an initial distribution equivalent to approximately 85% of their approved claims, calculated using the restructuring’s reference token prices.
Recovery tokens representing potential additional recoveries were also allocated to eligible users in January 2026.
Binance ownership dispute remains unresolved
The contractual revision comes against the backdrop of a longstanding disagreement concerning WazirX’s ownership and operational responsibilities. Binance announced an acquisition involving WazirX in November 2019 but subsequently maintained that the transaction was never completed and that it had not acquired ownership or operational control of the exchange.
In September 2024, Binance publicly rejected claims that it operated WazirX’s cryptocurrency services, arguing that references to Binance in the platform’s previous user agreement were unauthorized. WazirX and Zettai have presented a different account of the historical relationship, maintaining that control over cryptocurrency operations had previously been transferred to Binance.
The updated agreement preserves this disagreement rather than resolving it. The distinction carries implications for determining contractual responsibilities, particularly concerning historical customer funds, the 2024 security breach and potential legal claims.
Meanwhile, WazirX has expanded its operations since reopening, introducing INR-margined perpetual futures in May 2026 and reporting substantial growth in trading activity. The exchange said its monthly futures trading volume increased 62-fold between April and September, while spot trading volume rose approximately 124% between June and September.
The revised terms clarify Zanmai’s stated responsibility for current WazirX operations but leave the exchange’s historical ownership dispute and associated liability questions subject to further legal resolution.