Binance denies owning equity in WazirX as exchange faces trouble with ED

Changpeng Zhao, the CEO of Binance crypto exchange has denied owning any equity in WazirX crypto exchange operating in India.

Zhao took to Twitter to announce that Binance, the largest cryptocurrency by trading volume, does not own any equity in WazirX exchange, registered as Zanmai Labs Private Limited.

Zhao tweeted:

The CEO also mentioned in his tweet thread that his crypto exchange only provides wallet services for WazirX.

Binance published a blog post in November 2019 that said it had “acquired” WazirX. Zhao says that this transaction was never completed. Interestingly, this blog post is still live on Binance’s website at press time.

Zhao also said that the recent allegations of money laundering on WazirX are of deep concern to Binance. He also said that his exchange would cooperate with the Enforcement Directorate to help in the investigation.

Zhao said, “Recent 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.”

The ED announced on Friday that bank assets worth Rs 64.67 crore held by WazirX had been frozen after the regulatory body conducted searches on the exchange in connection with a case of money laundering via cryptocurrencies.

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