Binance never owned WazirX, says CEO Changpeng Zhao after ED probe1 min read 06 Aug 2022, 09:36 AM IST
The following revelations unfolded hours after the Enforcement Directorate froze bank assets of WazirX worth ₹64.7 crore.
US-based crypto exchange platform Binance CEO Changpeng Zhao on 5 August revealed that the firm does not own Indian crypto exchange 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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