Binance says it never owned Indian crypto exchange WazirX

Binance CEO Changpeng Zhao Image Binance

Binance CEO Changpeng Zhao (Image: Binance)

Changpeng Zhao, CEO of US-based crypto exchange Binance, has revealed that his company does not own Indian crypto exchange WazirX, a deal that was completed back in 2019.
“Binance has no equity in Zanmai Labs, the organization that operates WazirX and is founded by the original founders,” Zhao said in a tweet.

The deal was believed to have been closed in 2019 after Binance published a blog which stated WazirX. zhaoHowever, clarified that the transaction was never completed.

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

Zhao cited some issues due to which both sides were not able to conclude the deal. However, he did not explain why the deal was not closed.

This disclosure has been made by the Enforcement Directorate (ED) that it has attached bank assets of Rs 64.67 crore of WazirX. The central agency took action against the WazirX director for assisting instant loan app companies accused of laundering fraudulent money through the purchase and transfer of virtual crypto assets.
The two companies had not disclosed or made any details of the deal amount in 2019. In a blog post announcing the acquisition in 2019, Binance had stated that WazirX’s auto-matching engine was to be integrated into Binance by the first quarter of 2020. Fiat Gateway. The integration would have paved the way for Binance users to buy Tether (USDT) against the Indian rupee.
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