Binance says it never owned Indian crypto exchange WazirX

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Binance CEO Changpeng Zhao revealed that his company does not own Indian crypto exchange WazirX.

Zhao tweeted, “Binance does not own any equity in Zanmai Labs, which operates WazirX.”

Binance published a blog in 2019 saying it had acquired WazirX. Zhao said the transaction was never completed.

Binance only provides wallet services for WazirX. Off-chain tx integration reduces network fees. WazirX handles user sign-up, KYC, trading, and withdrawals.

Zhao cited a few issues why both parties couldn’t reach an agreement. He did not say why the agreement was not closed.

The revelation comes hours after the Enforcement Directorate (ED) seized WazirX’s bank assets worth Rs 64.67 crore. The central agency took action against the WazirX director for assisting the accused instant loan app companies in laundering fraud money via the acquisition and transfer of virtual crypto assets.

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