{"id":65522,"date":"2022-08-09T10:51:52","date_gmt":"2022-08-09T07:51:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65522"},"modified":"2025-09-06T20:25:31","modified_gmt":"2025-09-06T17:25:31","slug":"wazirx-co-founder-refutes-claims-by-binance-chief-changpeng-zhao","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wazirx-co-founder-refutes-claims-by-binance-chief-changpeng-zhao\/","title":{"rendered":"WazirX co-founder refutes claims by Binance chief Changpeng Zhao"},"content":{"rendered":"<p>WazirX co-founder Nischal Shetty refuted a number of statements by Binance chief Changpeng Zhao regarding the platform\u2019s relationship with Binance.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">1\/ Deal involved Binance Parent entity<\/p>\n<p>After some media reports on Binance structure, we asked about it<\/p>\n<p>We were given an ambiguous answer that parent entity is under restructuring<\/p>\n<p>It\u2019s been many months, still waiting for Binance Parent entity<\/p>\n<p>Can Binance name Parent entity? <a href=\"https:\/\/t.co\/5oehKqaTxp\">https:\/\/t.co\/5oehKqaTxp<\/a><\/p>\n<p>\u2014 Nischal (Shardeum) \u26a1\ufe0f (@NischalShetty) <a href=\"https:\/\/twitter.com\/NischalShetty\/status\/1555903246761431040?ref_src=twsrc%5Etfw\">August 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier Zhao stated that Binance <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-denies-link-between-binance-and-indian-bitcoin-exchange-wazirx\">never owned<\/a> a stake in Zanmai Labs, the company behind WazirX.<\/p>\n<p>He clarified that the purchase of the Indian exchange announced in the November 21, 2019 message was never completed. On August 5, 2022, Binance representatives added a clarification to the press release, stating that it concerned the acquisition of \u201ccertain assets and intellectual property\u201d.<\/p>\n<p>The statements by Zhao followed after the Enforcement Directorate (ED) suspected WazirX <a href=\"https:\/\/u1f987.com\/en\/news\/binance-owned-indian-exchange-wazirx-suspected-of-laundering-350-million\">in money laundering of $350 million<\/a>. According to media reports, the regulator froze $8.16 million of the exchange\u2019s assets as part of the case.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe fact: we asked to hand over the source code of the WazirX system, its deployment, operations, quite recently, in February this year. We were refused. Binance does not control these systems. WazirX did not cooperate with us and appears not to have interacted with the ED,\u201d Zhao wrote.<\/p>\n<\/blockquote>\n<p>Continuing to distance itself from the Indian platform, the company <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/f9fd6936e5264206a71c898f8a36f29e\">announced the closure<\/a> of the off-chain transfer channel between Binance and WazirX from August 11.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe technology, product, domain, brand and everything else were sold by Binance to our Singaporean company Zettai,\u201d Shetty said in an interview with <a href=\"https:\/\/www.coindesk.com\/business\/2022\/08\/08\/wazirx-co-founder-nischal-shetty-speaks-out-on-spat-with-binances-cz\/\">CoinDesk<\/a>.<\/p>\n<\/blockquote>\n<p>He said that there are all the documents proving the sale, but he cannot show them \u201cfor legal reasons.\u201d The executive noted that WazirX is a technology. Therefore, there is no reason to believe Binance does not control the platform, Shetty asserted.<\/p>\n<p>After the deal, Binance asked the Indian arm of Zettai \u2014 Zanmai Labs \u2014 to launch cryptocurrency trading in rupees (INR) in India and provided a licence, Shetty said.<\/p>\n<p>He added that all cryptocurrency trading on the platform, deposits and withdrawals in digital assets are controlled by Binance. Zanmai is responsible only for trading in INR pairs, as well as fiat deposits and withdrawals.<\/p>\n<p>Shetty added that they are cooperating with the ED and providing documents requested during the investigation.<\/p>\n<p>Recall that concerns about WazirX by the regulator arose as early as 2021 \u2014 the exchange was suspected of violating currency rules.<\/p>\n<p>In the same year, one of Binance\u2019s subsidiaries came under the scrutiny of India\u2019s Financial Intelligence Unit <a href=\"https:\/\/forklog.news\/smi-vlasti-indii-rassleduyut-uchastie-binance-v-otmyvanii-deneg\/\">\u043f\u043e\u043f\u0430\u043b\u043e \u043e\u0434\u043d\u043e \u0438\u0437 \u043f\u043e\u0434\u0440\u0430\u0437\u0434\u0435\u043b\u0435\u043d\u0438\u0439 Binance<\/a>.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news in 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>WazirX co-founder Nischal Shetty refuted a number of statements by Binance chief Changpeng Zhao regarding the platform\u2019s relationship with Binance.<\/p>\n","protected":false},"author":1,"featured_media":65523,"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":[744,1166,935,278],"class_list":["post-65522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-centralized-exchanges-cex","tag-changpeng-zhao","tag-india"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65522","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=65522"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65522\/revisions"}],"predecessor-version":[{"id":65524,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65522\/revisions\/65524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65523"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}