WazirX Co-Founder Denies Binance CEO Changpeng Zhao's Claims

</span>&#8221; src=&#8221;/wp-content/uploads/2022/08/2fa097982a45e680908fc28416d345ec.png&#8221; alt=&#8221;The co-founder of WazirX denied the statements of the head of Binance Changpeng Zhao&#8221; /></p>

The co-founder of the Indian crypto exchange WazirX, Nishal Shetty, denied a number of statements by the head of Binance, Changpeng Zhao, regarding the relationship of the platforms.

Zhao previously stated that Binance never held a stake in Zanmai Labs, the company behind WazirX.

He clarified that what was stated in the message dated 21November 2019, the purchase of the Indian exchange was not completed. On August 5, 2022, Binance representatives made a clarification in the press release, which referred to the acquisition of &#171;certain assets and intellectual property&#187;.

Zhao's statements followed afterThe Enforcement Department of the Indian Ministry of Finance (ED) suspected WazirX of laundering $350 million. According to media reports, the regulator froze the assets of the exchange for $8.16 million as part of the case.

&#171;Fact:we asked for WazirX system source code, deployment, operations, as recently as February this year. We were denied this. Binance does not control these systems. WazirX did not cooperate with us and it appears that it did not cooperate with ED,” Zhao wrote.

Continuing to distance themselves from the Indian platform, the company announced the closure of the off-chain transfer channel between Binance and WazirX from August 11.

“The technology, product, domain, brand and everything else was sold to Binance by our Singapore company Zettai,” Shetty told CoinDesk.

According to him, there are all documents confirmingsale, but he cannot show them &#171;for legal reasons&#187;. He noted that WazirX is a technology. Therefore, there is no reason to believe that Binance does not control the platform, Shetty is sure.

Following the deal, Binance asked Zettai's Indian division, Zanmai Labs, to launch cryptocurrency trading in rupees (INR) in India and granted a license, Shetty said.

He clarified that all trading in cryptocurrencies onplatform, deposits and withdrawals in digital assets are controlled by Binance. Zanmai is only responsible for trading INR pairs and fiat deposits and withdrawals.

Shetty added that they are cooperating with the ED and providing documents requested during the investigation.

Recall that the regulator had claims against WazirX back in 2021 - the exchange was suspected of violating currency rules.

In the same year, one of the divisions of Binance came to the attention of the Anti-Money Laundering Agency of India.

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