Binance denies owning Indian crypto exchange

Blockchain Crypto Market Cryptocurrency
August 7, 2022 by CoinSurges
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Binance CEO Changpeng Zhao has refuted claims that the exchange owns an Indian-based exchange, WazirX Zhao dismissed the claims through a series of Twitter posts





Binance CEO Changpeng Zhao has refuted claims that the exchange owns an Indian-based exchange, WazirX. Zhao dismissed the claims through a series of Twitter posts on his verified handle.

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Reportedly, the rebuttal by the CEO manifested a few hours after the financial anti-crime agency froze the assets of WazirX. According to reports, the agency is currently probing the Indian exchange over alleged infringement of foreign exchange regulations. 

The agency indicted WazirX of allegedly aiding some instant loan ventures to siphon crime proceeds by converting the funds into crypto on its network. The assets were frozen from the exchange amount to 646.70 million rupees, equivalent to around $8.16 million.

However, a protocol representative hinted that WazirX cooperates with the financial agency in its ongoing probe. According to the spokesperson, the exchange has adequately responded to all the queries by the agency. He noted that the WazirX team disagrees with the allegations by the agency, stressing that the protocol is already assessing its next line of action.

Shortly after the financial agency pounced on WazirX, several reports began to link it with Binance. Recall that Binance, in 2019, announced the acquisition of the Indian-based protocol. The 2019 announcement was enveloped with an image showing Zhao and the founders of WazirX. 

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Binance claimed that the acquisition of WazirX ensued as part of its commitment to strengthening the virtual economy of India. Additionally, it said the move was necessary for enhancing the blockchain ecosystem in the country. Similarly, WazirX also confirmed its acquisition in a separate announcement the same year.

Zhao debunked the acquisition, saying the deal was not completed in 2019. According to the CEO, Binance tried to acquire the exchange fully but could not achieve it owing to a few issues. He averred that since the acquisition was never completed, Binance has no shares in Zanmai Labs, the entity operating WazirX.

He added that Binance only offers wallet services to the Indian-based protocol. Binance CEO said WazirX takes responsibility for other areas of its exchange, including user sign-up, KYC trading, and withdrawal execution. Furthermore, Zhao said Binance is concerned about the management of WazirX and the prevailing allegations against the exchange. 

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According to him, Binance is ready to work with necessary agencies across the globe to stop financial criminality. He pledged the support of Binance in aiding its ongoing probe of WazirX. Worth noting that the Indian financial agency called out Binance for failing to respond to queries sent to its verified legal compliance email address.

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