Crypto exchange Binance has never held a stake in Zanmai Labs, the company behind the Indian platform WazirX, Binance CEO Changpeng Zhao has said.
On November 21, 2019, the company announced the purchase of WazirX. According to the press release, as of November 25, users in India have been able to buy and sell digital assets with their local currency through Binance.
Zhao has said:
“This deal never took place. Binance has never – at any point – owned shares in Zanmai Lab, which runs WazirX.”
According to him, the exchange provides the Indian platform with a technical solution for the wallet. For other functions, including registration and KYC, Zhao named WazirX and the firm behind it responsible.
In August, the Enforcement Department of the Indian Ministry of Finance 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.