{"id":13435,"date":"2022-08-06T03:04:46","date_gmt":"2022-08-06T03:04:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/we-never-completed-wazirx-acquisition\/"},"modified":"2022-08-06T03:04:46","modified_gmt":"2022-08-06T03:04:46","slug":"we-never-completed-wazirx-acquisition","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/we-never-completed-wazirx-acquisition\/","title":{"rendered":"We never completed WazirX acquisition"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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Binance CEO Changpeng Zhao has said that the global cryptocurrency exchange \u201cnever completed\u201d the purchase of Indian crypto exchange WazirX.<\/p>\n

Zhao\u2019s comments come after India\u2019s financial crime watchdog announced it had frozen WazirX assets worth over 646 million rupees (about $8 million, \u00a36.7 million). The freeze, India\u2019s Enforcement Directorate (ED) said in a Friday announcement<\/a>, followed an investigation around money laundering, and which involved 16 fintech companies.<\/p>\n

In its\u00a0press release, the ED says:<\/p>\n

\u201cZanmai Labs Pvt Ltd \u2013 the company owning WazirX Crypto Exchange \u2013 has created a web of agreements with \u2014 Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd Singapore \u2014 to obscure the ownership of the crypto exchange.\u201d<\/p>\n

Binance CEO Zhao said in a\u00a0tweet:<\/p>\n

\u201cOn 21 Nov 2019, Binance published a blog post that it had \u201cacquired\u201d WazirX. This transaction was never completed. Binance has never \u2013 at any point \u2013 owned any shares of Zanmai Labs, the entity operating WazirX<\/em>.\u201d<\/p>\n

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2\/ On 21 Nov 2019, Binance published a blog post that it had \u201cacquired\u201d WazirX. This transaction was never completed. Binance has never \u2013 at any point \u2013 owned any shares of Zanmai Labs, the entity operating WazirX.<\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) August 5, 2022<\/a><\/p>\n<\/blockquote>\n

According to CZ, as the Binance chief is popularly known around the crypto ecosystem, his platform \u201conly provides wallet services for WazirX.\u201d\u00a0<\/p>\n

This, he noted, is only offered as a technological solution and that the Mumbai-based company handles all other exchange aspects, including user registration, Know Your Customer (KYC) and trading among others.<\/p>\n

\u201cRecent 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<\/em>,\u201d CZ added.<\/p>\n

ED said its investigations into WazirX started in 2021 and the platform has not cooperated with the agency.<\/p>\n<\/div>\n