We never completed WazirX acquisition

Binance CEO Changpeng Zhao has said the global crypto exchange has not completed its acquisition of Indian crypto exchange WazirX.

Zhao’s comments come after India’s financial crime watchdog announced it had frozen WazirX’s assets worth more than 646 million rupees (approximately $8 million, 6.7 million).Freeze, India’s Enforcement Department (ED) said on Friday publication involved 16 fintech companies following an investigation into money laundering.

In a press release, ED said:

Zanmai Labs Pvt Ltd, the company that owns the WazirX Crypto Exchange, has created a web of contracts with Crowdfire Inc. USA, Binance (Cayman Islands) and Zettai Pte Ltd Singapore, obscuring ownership of the crypto exchange. .”

Binance CEO Zhao tweeted:

“On November 21, 2019, Binance published a blog post stating that it had acquired WazirX. This transaction did not complete. Binance has never owned shares in Zanmai Labs, the organization that runs WazirX.

2/ On November 21, 2019, Binance published a blog post stating that it had acquired WazirX. This transaction did not complete. Binance has never owned shares in Zanmai Labs, the organization that operates WazirX.

CZ Binance (@cz_binance) August 5, 2022

According to CZ, the Binance chief is widely known in the cryptocurrency ecosystem, so his platform will only offer wallet services for WazirX.

It is offered as a technical solution only, and the Mumbai-based company handles all other aspects of the exchange, including user registration, Know Your Customer (KYC) and transactions, he said. pointed out.

“Recent allegations regarding the operation of WazirX and how Zanmai Labs controls the platform are serious concerns for Binance. Binance works with law enforcement agencies around the world.We will work with ED as much as possible‘ added CZ.

According to ED, the WazirX investigation will begin in 2021 and the platform is not cooperating with authorities.