{"id":65412,"date":"2022-08-05T19:33:06","date_gmt":"2022-08-05T16:33:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65412"},"modified":"2025-09-06T19:48:33","modified_gmt":"2025-09-06T16:48:33","slug":"changpeng-zhao-denies-link-between-binance-and-indian-bitcoin-exchange-wazirx","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/changpeng-zhao-denies-link-between-binance-and-indian-bitcoin-exchange-wazirx\/","title":{"rendered":"Changpeng Zhao Denies Link Between Binance and Indian Bitcoin Exchange WazirX"},"content":{"rendered":"<p>Binance never owned a stake in Zanmai Labs, the entity behind the Indian platform WazirX. This was stated by the CEO of the Bitcoin exchange, Changpeng Zhao.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ On 21 Nov 2019, Binance published a blog post that it had \u201cacquired\u201d WazirX. This transaction was never completed. Binance has never \u2014 at any point \u2014 owned any shares of Zanmai Labs, the entity operating WazirX.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1555578417973792769?ref_src=twsrc%5Etfw\">August 5, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On 21 November 2019 the company announced the acquisition of WazirX. According to the press release, from 25 November users in India could buy and sell digital assets for the local currency via Binance.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u042d\u0442\u0430 \u0441\u0434\u0435\u043b\u043a\u0430 \u0442\u0430\u043a \u0438 \u043d\u0435 \u0441\u043e\u0441\u0442\u043e\u044f\u043b\u0430\u0441\u044c. Binance \u043d\u0438\u043a\u043e\u0433\u0434\u0430 \u2014 \u043d\u0438 \u0432 \u043a\u0430\u043a\u043e\u0439 \u043c\u043e\u043c\u0435\u043d\u0442 \u2014 \u043d\u0435 \u0432\u043b\u0430\u0434\u0435\u043b\u0430 \u0430\u043a\u0446\u0438\u044f\u043c\u0438 Zanmai Lab, \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u044e\u0449\u0435\u0439 WazirX\u00bb, \u2014 \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u043d\u0443\u043b \u0427\u0436\u0430\u043e.<\/p>\n<\/blockquote>\n<p>According to him, the exchange provides the Indian platform with the wallet technical solution. For other functions, including registration and <span data-descr=\"know your customer\" class=\"old_tooltip\">KYC<\/span>, Zhao said WazirX and the company behind it were responsible.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">3\/ Binance only provides wallet services for WazirX as a tech solution. There is also integration using off-chain tx, to save on network fees. WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1555578420003840000?ref_src=twsrc%5Etfw\">August 5, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In August 2022, the Enforcement Directorate of India&#8217;s Ministry of Finance suspected WazirX <a href=\"https:\/\/u1f987.com\/en\/news\/binance-owned-indian-exchange-wazirx-suspected-of-laundering-350-million\">in laundering $350 million<\/a>. According to media reports, the regulator froze assets of the exchange at $8.16 million as part of the case.<\/p>\n<p>The investigation into the platform&#8217;s violation of the Foreign Exchange Management Act initially came to light in June 2021. <a href=\"https:\/\/forklog.news\/prinadlezhashhuyu-binance-birzhu-wazirx-zapodozrili-v-otmyvanii-deneg\/\" target=\"_blank\" rel=\"noreferrer noopener\">came to light<\/a>.<\/p>\n<p>Later, media clarified that authorities are examining the activities of apps operated by Chinese operators \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/media-binance-served-iranian-users-in-breach-of-us-sanctions\">allegedly laundered through a Bitcoin exchange<\/a>.<\/p>\n<p>In early 2022 the platform<a href=\"https:\/\/forklog.news\/v-indii-bitkoin-birzhu-wazirx-obvinili-v-uklonenii-ot-uplaty-nalogov\/\" target=\"_blank\" rel=\"noreferrer noopener\"> accused of tax evasion<\/a> on more than $6 million.<\/p>\n<p>As reported in July, Reuters published an investigation that <a href=\"https:\/\/u1f987.com\/en\/news\/media-binance-served-iranian-users-in-breach-of-us-sanctions\">Binance continued to serve customers in Iran<\/a>, circumventing US sanctions and the ban on doing business in this country.<\/p>\n<p>Representatives from the exchange&#8217;s compliance team <a href=\"https:\/\/u1f987.com\/en\/news\/binance-reveals-losses-from-kyc-rollout\">refuted the journalists&#8217; conclusions<\/a>. They also noted that the company had lost \u201caround 90% of its customers and billions of dollars in revenue\u201d due to the implementation of KYC. Zhao later described that quote as erroneous.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance never owned a stake in Zanmai Labs, the company behind the Indian platform WazirX. This was stated by the CEO of the Bitcoin exchange, Changpeng Zhao.<\/p>\n","protected":false},"author":1,"featured_media":65413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,278],"class_list":["post-65412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-india"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65412"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65412\/revisions"}],"predecessor-version":[{"id":65414,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65412\/revisions\/65414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65413"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}