{"id":250512,"date":"2022-08-06T11:30:26","date_gmt":"2022-08-06T06:00:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=250512"},"modified":"2022-08-06T11:27:19","modified_gmt":"2022-08-06T05:57:19","slug":"binances-cz-clarifies-position-after-incorrect-reports-on-wazirx-acquisition","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binances-cz-clarifies-position-after-incorrect-reports-on-wazirx-acquisition\/","title":{"rendered":"Binance&#8217;s CZ clarifies position after &#8216;incorrect reports&#8217; on WazirX &#8216;acquisition&#8217;"},"content":{"rendered":"<p>Binance CEO Changpeng Zhao has claimed that the company \u201cdoes not own any equity\u201d in Zanmai Labs, the parent company of Indian crypto-exchange WazirX. This, a day after India&#8217;s Enforcement Directorate (ED) froze WazirX\u2019s bank balances worth $8 million earlier.<\/p>\n<p>According to a statement, ED has been investigating WazirX since last year for its alleged role in a money laundering scheme. On 5 August, ED conducted searches on WazirX Co-founder and CTO Sameer Mhatre after suspicions emerged about links to Chinese loans apps.<\/p>\n<h4>Floodgates are wide open<\/h4>\n<p>Binance has been called into question since the legal probe began after CZ denied the acquisition of WazirX. In fact, CZ claimed on Twitter that the acquisition of WazirX &#8220;was never completed.&#8221;<\/p>\n<p>Worth pointing out, however, that this acquisition was <a href=\"https:\/\/www.binance.com\/en\/blog\/all\/binance-acquires-indias-leading-digital-asset-platform-wazirx-to-launch-multiple-fiattocrypto-gateways-404105749895733248\">announced<\/a> way back in November 2019. A later tweet from CZ confirmed the purchase, with the exec distinctly stating &#8220;Binance-owned Indian crypto exchange WazirX\u2026&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u00bb Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021 &#8211; The Financial Express <a href=\"https:\/\/t.co\/t3GD7UwvYt\">https:\/\/t.co\/t3GD7UwvYt<\/a><\/p>\n<p>&mdash; CZ \ud83d\udd36 BNB (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1378929716875292676?ref_src=twsrc%5Etfw\">April 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the contrary, his latest four-part <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1555578415901802507?s=20&amp;t=fGzLEyy7XTGVRvkSkyiquA\">post<\/a> denied this, with CZ arguing that Binance is a target of &#8220;incorrect reporting.&#8221;<\/p>\n<p>&#8220;On 21 Nov 2019, Binance published a blog post that it had \u201cacquired\u201d WazirX. This transaction was never completed. Binance has never &#8211; at any point &#8211; owned any shares of Zanmai Labs, the entity operating WazirX,&#8221; said Changpeng Zhao.<\/p>\n<p>On the other hand, WazirX founder Nischal Shetty has refuted CZ\u2019s claims in his own posts on Twitter. Shetty <a href=\"https:\/\/twitter.com\/NischalShetty\/status\/1555602963430785024?s=20&amp;t=fGzLEyy7XTGVRvkSkyiquA\" target=\"_blank\" rel=\"noopener\">alleged<\/a>,<\/p>\n<blockquote><p>&#8220;1\/ FACTS about WazirX &amp; Binance: WazirX was acquired by Binance Zanmai Labs is an India entity owned by me &amp; my co-founders Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal\u2026&#8221;<\/p><\/blockquote>\n<h4>Not the first legal battle<\/h4>\n<p>Binance is no stranger to legal battles as it has been accused of legal wrongdoing multiple times. As per <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-17\/u-s-s-binance-probe-expands-to-examine-possible-insider-trading\">Bloomberg<\/a>, investigations into Binance have broadened to look at potential insider trading and market manipulation.<\/p>\n<p>In fact, a Philippines-based think tank <a href=\"http:\/\/ambcrypto.com\/binance-is-nothing-but-a-risk-to-the-public-cited-infrawatch-ph-a-philippine-based-think-tank\/\">claimed<\/a> that Binance is a &#8220;risk to the public&#8221; earlier in July.\u00a0A new lawsuit has been filed against the organization for allegedly misrepresenting TerraUSD, a stablecoin.\u00a0Earlier in July, developer &#8220;CryptoFelon&#8221; <a href=\"http:\/\/ambcrypto.com\/binances-cz-called-out-for-allegedly-harassing-domain-owner\/\">claimed<\/a> that Binance CEO Changpeng Zhao is attempting to &#8220;rob him of his domain.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao has claimed that the company \u201cdoes not own any equity\u201d in Zanmai Labs, the parent company of Indian crypto-exchange WazirX. This, a day after India&#8217;s Enforcement Directorate (ED) froze WazirX\u2019s bank balances worth $8 million earlier. According to a statement, ED has been investigating WazirX since last year for its alleged<a href=\"https:\/\/ambcrypto.com\/binances-cz-clarifies-position-after-incorrect-reports-on-wazirx-acquisition\/\">Continue reading <span class=\"sr-only\">&#8220;Binance&#8217;s CZ clarifies position after &#8216;incorrect reports&#8217; on WazirX &#8216;acquisition&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":250513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-250512","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Binance&#039;s CZ clarifies position after &#039;incorrect reports&#039; 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