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The CEO of Binance provides clarification details about Binance’s relationship with the “WazirX” ​​platform

The CEO of Binance provides clarification details about Binance’s relationship with the “WazirX” ​​platform

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Answer The CEO of Binance provides clarification details about Binance’s relationship with the “WazirX” ​​platform

Changpeng Zhao (CZ), the CEO of Binance, provided illustrative details of Binance’s relationship with the WazirX trading platform, which recently had its assets frozen by a regulator in India.

While Binance was already in a partnership with it, he told CZ that he and his company, Binance, do not own any shares in WazirX’s operator, Zanmai Labs.

What is the nature of the partnership between Binance and WazirX?

In a Twitter post, Binance CEO CZ explained that the blog post in 2019 stating that Binance had acquired “WazirX” ​​was correct, but the deal after that was never completed.

CZ added:

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Binance has never, at any time, owned any shares in Zanmai Labs, the entity that operates the WazirX trading platform.

He also explained that Binance offers a wallet service only to WazirX, and an off-network transaction solution to help users save money on network fees.

Responsibility for all other areas of exchange – including withdrawals, transactions and KYC – is attributed to WazirX itself.

On the other hand, Nischal Shetty, founder of WazirX, said:

The story is more complex than the one in the tweets.

He told that WazirX had been acquired by Binance, and is still owned by Binance today.

He added:

Binance platform powers cryptocurrency trading and cryptocurrency withdrawals.

He also said that Binance owns the WazirX domain name, has root access to its AWS servers, and holds all of WazirX’s crypto assets and earnings.

He continued:

Do not confuse Zanmai with WazirX.

WazirX problems:

In a press release issued by a regulatory agency in India (ED) on Friday, the authority revealed that it had raided properties linked to Zanmai Labs director Sameer Mahatri.

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WazirX bank balances of $8.1 million were also frozen.

She told the regulator that it is investigating several fintech companies for money laundering and illegal lending practices.

The agency further clarified:

Wazir X appears to have actively assisted about 16 accused fintech firms in laundering the proceeds of crime using the crypto route.

According to the authority, Zanmai Labs is already the owner of WazirX.

The company created a network of agreements with several other companies, including Binance, in order to hide this fact.

Case to follow…

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