Changpeng Zhao denies Binance connection to Indian bitcoin exchange WazirX

Changpeng Zhao denies Binance connection to Indian bitcoin exchange WazirX

Changpeng Zhao denied Binance's connection to Indian bitcoin exchange WazirX

Binance has never held a stake in Zanmai Labs, the company behind the Indian platform WazirX. This was stated by the CEO of the bitcoin exchange, Changpeng Zhao.

On November 21, 2019, the company announced the purchase of WazirX. According to a press release, users in India have been able to buy and sell digital assets with local currency through Binance since November 25.

In August 2022, WazirX was suspected of laundering $350 million by the Enforcement Department of the Indian Treasury. According to media reports, the regulator froze the assets of the exchange for $8.16 million as part of the case.

< p>The investigation regarding the violation of the Foreign Exchange Management Law by the platform was originally became known in June 2021. 

Later, the media clarified that the authorities were studying the activities of applications operated by Chinese operators – part of the money allegedly laundered through bitcoin exchange.

In early 2022, the platform was accused of tax evasion for more than $6 million.

Recall that in July, Reuters released an investigation according to which Binance continued to serve clients from Iran, bypassing US sanctions and for rushing to do business in this country.

Compliance representatives of the exchange denied the reporters' conclusions. They also noted that the company lost “about 90% of customers and billions of dollars of revenue” due to the introduction of KYC. Zhao later called this quote erroneous.

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