Binance and WazirX Disagree Over Ownership

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WazirX has been uncooperative with us, and looks like uncooperative with ED as well.

— CZ ?? BINANCE (@cz_binance) August 6, 2022

The 2019 acquisition announcement
The blog post announced WazirX’s acquisition by Binance in 2019. They detailed how platform users would be able to buy cryptocurrencies using Indian rupees (INR) and invest in stablecoins like Tether (USDT)Furthermore, users will have access to the entire range of cryptocurrencies directly through Binance’s trading platforms. The post was a group photograph of Zhao and Nischal Shetty smiling.
SOURCE:
specifically states that the WazirX acquisition and integration is part of the company’s objective to expand its growing list of worldwide partners in order to give the global crypto community fast and safe access to cryptocurrencies
Zhao went on to explain Binance’s commitment to expanding the Indian crypto ecosystem and positioning India as a worldwide blockchain innovation hubShetty, founder of discussed how the deal allows WazirX to expand beyond India and serve a wider audience
accused of involvement in money laundering
The Enforcement Directorate (ED), India’s main law enforcement agency fighting economic crimes, has accused WazirX of helping loan businesses with money laundering
In short, the government has blocked the Indian crypto exchange’s financial assets following a search operation conducted under the Prevention of Money Laundering Act (PMLA) on August 3, 2022

During the investigation, it was discovered that WazirX’s director, Sameer Mhatre, has complete remote access to the company’s databaseproviding details of transactions related to crypto assets bought with the proceeds of Instant Loan App fraud, according to the ED

Dispute over ownership between WazirX and Binance CEOs
Soon after the investigation news on August 5, Zhao published several tweets on his official Twitter accountHe disassociated Binance from all activities at WazirX or its parent company, Zanmai Labs
Zhao made it clear in his tweets that Binance only offers wallet services to WazirX as a technological solution. He claimed that Binance does not own any ownership in Zanmai Labs. He adds that recent events involving WazirX have worried Binance. Also, he highlighted that the Indian cryptocurrency exchange is in charge of all operations. Including user sign-ups, KYC, trading, and withdrawals
Shetty categorically rejected all accusations raised by the ED. Also, he reiterates WazirX’s cooperative position. Shetty has been putting out multiple tweets on his Twitter account clarifying how Binance is the true owner of WazirX. He goes on to say that Zanmai Labs is a different organization and that Binance owns the WazirX domain name. He stated that Binance has root access to AWS servers. Also, he said that Binance maintains all revenues and cryptocurrency assets stored on the platform
Binance, on the other hand, has stated that the 2019 “acquisition” was limited to a deal to buy certain WazirX assets and intellectual property. WazirX should continue to be operated and managed by Zanmai Labs. No matter who owns WazirX they have a regulatory problem to deal with now.

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