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India Freezes Assets of Binance-Owned Local unit WazirX

India Freezes Assets of Binance-Owned Local unit WazirX

Key Takeaways:



Assets belonging to WazirX, which Binance acquired in 2019, have been frozen as part of an investigation into potential breaches of foreign exchange regulations. Assets worth $8.16 million, or 646.70 million rupees, were declared blocked by the ED.



One of the world’s largest digital currency exchanges, Binance, owns WazirX, which has had its assets frozen by India’s financial crime-fighting agency as a result of an investigation into possible violations of foreign exchange laws.



Regarding alleged misconduct on immediate loan apps, which provide short-term loans, the Indian agency is looking into a number of fintech companies.



In a press release, the ED claimed that WazirX assertively aided approximately 16 suspect fintech companies in laundering “the proceeds of crime using the crypto route.” The result is that the authority has frozen $8.1 million in WazirX funds.The ED has accused the platform of allegedly laundering 350 million dollars from instant loan companies obtained illegally.



According to Reuters, WazirX has not yet released a statement in rebuttal to the Federal Enforcement Directorate’s asset seizure. 



One of the directors of Zanmai Lab, the company that owns WazirX, was the target of the searches. Following the news publication, Binance CEO Changpeng ‘CZ’ Zhao refuted claims that his company is the owner of WazirX on Twitter.




Quick thread on Binance and WazirX, and some incorrect reporting. Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. 1/4 — CZ

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