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Business News/ News / India/  Binance never owned WazirX, says CEO Changpeng Zhao after ED probe

US-based crypto exchange platform Binance CEO Changpeng Zhao on 5 August revealed that the firm does not own Indian crypto exchange WazirX.

It was the deal that was understood to be completed in 2019 after Binance published a blog that it had acquired WazirX. But Zhao said that the transaction was never completed.

Confirming the dis-association, Zhao took to Twitter and wrote, "Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders."

ALSO READ: ED conducts searches at WazirX owner Zanmai Lab

Adding more, he wrote, "On 21 Nov 2019, Binance published a blog post that it had “acquired" WazirX. This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX."

"Binance only provides wallet services for WazirX as a tech solution. There is also integration using off-chain tx, to save on network fees. WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals," he said.

Apart from this, Zhao expressed deep concern on allegations about the operation of WazirX and how the platform is managed by Zanmai Labs. He even assured to work with ED in any way possible.

The following revelations unfolded hours after the Enforcement Directorate froze bank assets of WazirX worth 64.7 crore. The central probing agency also took action against WazirX's Director for assisting instant loan app firms in the fraud money laundering via purchase and transfer of virtual crypto assets.

Earlier last week, Finance Minister Niramla Sitharaman told the Rajya Sabha that ED is probing two cases against WazirX under Foreign Exchange Management Act, 1999 (FEMA).

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Updated: 06 Aug 2022, 09:37 AM IST
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