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Close on the heels of ED searches on WazirX owner Zanmai Labs, the founder of US-based #cryptoexchange Binance, #ChangpengZhao, claimed that his company doesnโt hold any stake in the Indian company, seen as an attempt to shrug off any role in the allegations surrounding WazirX.

Following these developments, Binance owner Changpeng Zhao tweeted that his company does not own any equity in Zanmai Labs, the owner of WazirX. “On 21 Nov 2019, Binance published a blog post that it had โacquiredโ WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX,” #Changpeng said in the tweet.
WazirX has been shrouded in a massive controversy over the #femaviolation in India. The #EnforcementDirectorate (ED) has recently carried out searches on one of the directors of #ZanmaiLabs and seized bank deposits of the company totaling Rs 64.67 crore.
He further noted that Binance only provides wallet services to WazirX. There is also integration using off-chain tx to save on network fees. WazirX is responsible for all other aspects of the WazirX exchange, including user sign-up, KYC, trading, and initiating withdrawals etc.
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