Cryptocurrency exchange WazirX denies the statement of Binance CEO

The co-founder of the Indian crypto exchange WazirX, Nishal Shetty, has denied a number of statements by the head of Binance regarding the cooperation of the platforms. Earlier, Changpeng Zhao said that Binance has never owned a stake in Zanmai Labs, which is associated with WazirX.

Shetty clarified that the process of buying the Indian exchange was never completed. on August 5, 2022, Binance representatives clarified the press release, which referred to the acquisition of «certain assets and intellectual property.»

Zhao’s statements came after the Enforcement Directorate of the Indian Ministry of Finance (ED) suspected WazirX of laundering $ 350 million.

«The fact is that quite recently, in February this year, we asked to hand over the source code of the WazirX system. We were refused. Binance does not control these systems. WazirX did not cooperate with us and it looks like it did not cooperate with ED either,» Zhao wrote on Twitter.

Continuing to distance itself from the Indian platform, the company announced the closure of the offline transaction channel between Binance and WazirX, which will take place on August 11.«The technology, product, domain, brand, and everything else has been sold to Binance by our Singapore-based company Zettai,» Shetty said. According to him, all documents confirming the sale are available. However, he cannot show them «for legal reasons». Shetty also noted that WazirX is a technology, so there is no reason to believe that Binance does not control the platform.

Shetty said that Binance asked Zettai’s Indian subsidiary Zanmai Labs to launch cryptocurrency trading in rupees (INR) in India and granted a license. He specified that all cryptocurrency trading on the platform, deposits and withdrawals in digital assets are also controlled by Binance. Zanmai, in turn, is responsible for trading in pairs with INR, as well as depositing and withdrawing fiat. Shetty also added that they cooperate with the ED and provide the documents that are required of them.