Cryptocurrency

We never completed WazirX acquisition

Binance CEO Changpeng Zhao has stated that the worldwide cryptocurrency trade “never completed” the acquisition of Indian crypto trade WazirX.

Zhao’s feedback come after India’s monetary crime watchdog introduced it had frozen WazirX property price over 646 million rupees (about $8 million, £6.7 million). The freeze, India’s Enforcement Directorate (ED) stated in a Friday announcement, adopted an investigation round cash laundering, and which concerned 16 fintech corporations.

In its press launch, the ED says:

“Zanmai Labs Pvt Ltd – the company owning WazirX Crypto Exchange – has created a web of agreements with — Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd Singapore — to obscure the ownership of the crypto exchange.”

Binance CEO Zhao stated in a tweet:

On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was by no means accomplished. Binance has by no means – at any level – owned any shares of Zanmai Labs, the entity working WazirX.”

In line with CZ, because the Binance chief is popularly identified across the crypto ecosystem, his platform “only provides wallet services for WazirX.” 

This, he famous, is just supplied as a technological answer and that the Mumbai-based firm handles all different trade elements, together with consumer registration, Know Your Buyer (KYC) and buying and selling amongst others.

Recent allegations about the operation of WazirX and how the platform is managed by Zanmai Labs are of deep concern to Binance. Binance collaborates with law enforcement agencies all around the world. We would be happy to work with ED in any way possible,” CZ added.

ED stated its investigations into WazirX began in 2021 and the platform has not cooperated with the company.




by way of Cointojournal

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