September 28, 2023

  • Binance CEO CZ made a surprising announcement on Twitter, stating that the WazirX-Binance transaction was never completed.
  • CZ also added that Binance does not own any equity in Zanmai Labs, the entity that operates WazirX

Binance CEO Changpeng Zhao has made some unexpected statements about Indian crypto exchange WazirX.

While several media houses refer to WazirX as a Binance-owned entity, CZ issued clarification via Twitter on how the Binance-WazirX transaction was never completed, citing “matters that cannot be easily disclosed.”

Earlier today, Indian crypto exchange WazirX’s bank accounts were raided by India’s Enforcement Directorate for alleged violation of the Foreign Exchange Management Act.

Binance does not own shares in Zanmai Labs, the entity that owns WazirX: CZ

The recent WazirX frozen funds controversy has forced the CEO of Binance to issue some clarifications.

In a comprehensive Twitter thread, Binance’s CEO cleared the air about multiple media houses referring to Indian crypto exchange WazirX as an acquired entity owned by Binance.

Zhao further asserted that Binance does not own any equity in Zanmai Labs, which it cited as the true owner and operator of WazirX.

He also confessed how the exchange had earlier published a blog on its website announcing that it had acquired WazirX. Disregarding the contents of the blog later, CZ stated that the Binance-WazirX transaction was never completed, or in simpler terms, never completed in the long run.

In addition, Zhao also clarified that Binance does not own shares in Zanmai Labs, the company that independently operates WazirX.

Earlier today, crypto exchange WazirX was raided by ED authorities in India, who had reportedly accused the company of violating the Foreign Exchange Management Act.

Authorized ED personnel reportedly searched the premises of Zanmai Labs, a company that manages WazirX, CZ said. According to recent Referencesnearly $8 million worth of WazirX funds were frozen by Indian authorities.

Regarding the Binance-WazirX relationship, Zhao described how Binance had provided limited crypto services to WazirX in the form of wallet services as a technology solution.

When asked why Binance did not complete the acquisition of WazirX, Zhao replied that the acquisition was plagued with some “issues that are not easy to disclose.”

CZ’s crypto reveal today came as a surprise to a number of crypto enthusiasts who previously thought of WazirX as an entity solely owned and operated by Binance.

Several users were left confused by the news as there were instances where CZ had shared tweets stating that WazirX is owned by Binance.

Many Twitter users expressed their skepticism in response to the news, adding that CZ should explain why a misleading blog stating that the Binance-WazirX acquisition was originally issued when the transaction was never confirmed.

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