Binance sides with Indian regulators in WazirX fallout to stop supporting off-chain transfers
Binance has denied taking a stake in the India-based crypto exchange after it faced regulatory scrutiny .
New
As local newspaper The Economic Times reported on Monday, Binance is set to remove off-chain funds transfers with Indian cryptocurrency exchange WazirX on Thursday, although users can still deposit and withdraw balances through the standard withdrawal and deposit. process between the two exchanges.
Three days ago, India's Law Enforcement Branch alleged that WazirX "actively assisted around 16 accused fintech companies to launder the proceeds of crime using the crypto route" and subsequently froze 8 $.1 million in bank balances related to the exchange.
At the same time, there is an ongoing controversy over whether Binance owns the exchange. Last Friday, Changpeng Zhao (CZ), CEO of Binance, stated that Binance does not hold any stake in WazirX's parent entity, Zanmai Labs, and further clarified that a supposed acquisition of WazirX by Binance on November 21, 2019 had never been completed.
However, in a tweet dated April 5, 2021, Zhao reposted the following statement from the Financial Express:
"Binance-owned Indian crypto exchange WazirX surpasses $200 million in daily trading volume; eyes $1 billion in 2021."
In a similar article, Nischal Shetty, founder of WazirX, ...
Binance has denied taking a stake in the India-based crypto exchange after it faced regulatory scrutiny .
New
As local newspaper The Economic Times reported on Monday, Binance is set to remove off-chain funds transfers with Indian cryptocurrency exchange WazirX on Thursday, although users can still deposit and withdraw balances through the standard withdrawal and deposit. process between the two exchanges.
Three days ago, India's Law Enforcement Branch alleged that WazirX "actively assisted around 16 accused fintech companies to launder the proceeds of crime using the crypto route" and subsequently froze 8 $.1 million in bank balances related to the exchange.
At the same time, there is an ongoing controversy over whether Binance owns the exchange. Last Friday, Changpeng Zhao (CZ), CEO of Binance, stated that Binance does not hold any stake in WazirX's parent entity, Zanmai Labs, and further clarified that a supposed acquisition of WazirX by Binance on November 21, 2019 had never been completed.
However, in a tweet dated April 5, 2021, Zhao reposted the following statement from the Financial Express:
"Binance-owned Indian crypto exchange WazirX surpasses $200 million in daily trading volume; eyes $1 billion in 2021."
In a similar article, Nischal Shetty, founder of WazirX, ...
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