Latest News

Twitter war between Binance and WazirX after ED probe

ED probe into the WazirX seems to have opened the can of worms and it doesn’t seem to be ending soon.

Binance CEO Changpeng Zhao, famously known as CZ has denied owning any equity in Crypto firm WazirX.

In a series of threads on Twitter, CZ clarified that Binance does not own any equity in Zanmai Labs Private Limited.

He said on Twitter, “Quick thread on Binance and WazirX, and some incorrect reporting. Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.”

He added, ” On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX.”

Simultaneously, Nischal Shetty, Founder of WazirX India has been updating and clarifying its stance on Twitter.

He said on its Twitter, ” WazirX was acquired by Binance Zanmai Labs is an India entity owned by me & my co-founders Zanmai Labs has license from Binance to operate INR-Crypto pairs in WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal…”

Additionally, “You can check this fact by going to the TOS of WazirX More facts about WazirX: • Binance owns WazirX domain name • Binance has root access of AWS servers • Binance has all the Crypto assets • Binance has all the Crypto profits Don’t confuse Zanmai and WazirX.”

On Friday, the ED revealed that WazirX’s bank assets worth Rs 64.67 crore had been frozen as a result of searches the regulatory body had carried out on the exchange in connection with a case of cryptocurrency-related money laundering.

The Rajya Sabha was informed by the Ministry of Finance last week that the ED is looking into two cases involving WazirX in accordance with the 1999 Foreign Exchange Management Act (FEMA).

The ministry also stated that Binance’s walled infrastructure was being used by Zanmai Labs, the company that runs WazirX.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.