In the Binance and “WazirX” case…the parties pledged to cooperate with the ED on equity and transactions
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Answer In the Binance and “WazirX” case…the parties pledged to cooperate with the ED on equity and transactions
After the unexpected public spat between Binance CEO Changpeng Zhao and WazirX CEO Nischal Shetty on Saturday over the ownership of WazirX, several crypto news sites, including our Arab Bitcoin website, posted a follow-up to the dispute.
According to Money Control, which published an article based on an interview with Shetty, it stated that legal documents exist to prove that Binance owns WazirX.
Meanwhile, The Economic Times reported that Zanmai Labs, which operates WazirX, is considering legal recourse to resolve the dispute over Binance’s ownership.
WazirX has around 15 million registered users and is believed to be the largest Indian cryptocurrency exchange by volume.Read:US SEC Chairman: Bitcoin and Other Cryptocurrencies Are Speculative Assets
Dispute over ownership of “WazirX”:
The latest escalation follows the raid by the ED Enforcement Directorate on a Zanmai Labs branch on Friday and the freezing of a bank account with a balance of $8 million.
As the ED gradually moved to take decisive action in the case, the CEO of WazirX was seen shifting the burden to Binance, which in 2019 acknowledged in an official blog post it took the reins of the WazirX trading platform focused on its India operations.
But the CEO of Binance distanced himself from the ownership of WazirX with his tweets posted on Saturday, which read:
The 2019 acquisition was never completed, and Binance’s engagement with WazirX was limited to providing technology solutions such as wallet service and off-network transactions.
Origin of the story:
The Directorate of Enforcement (ED), a federal agency with an official mandate to investigate financial crimes involving the financing angle of terrorism, said in January that it was investigating suspicious money laundering transactions worth up to 2,700 crore ($381 million) by certain entities including Including the company “WazirX”.
A formal indictment was issued in the case against WazirX founders Nishal Shetty and Samir Mahatri in June, demanding that they clarify the suspicious transactions.Read:The American Binance platform reveals the date of registration of accounts and cryptocurrencies in circulation
The CEO of WazirX confirmed that his platform is running KYC procedures to ensure compliance with current laws.
And that the company was originally affiliated with Binance, which was denounced by CZ, the director of Binance, who refused the matter and told that the acquisition had never taken place.
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