Binance CEO Zhao denies owning equity in WazirX

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Binance CEO Zhao denies owning equity in WazirX

Changpeng Zhao, CEO of BinanceCryptocurrency exchange, has denied owning any equity in the WazirX coin exchange in India.

According to Zhao, Binance, the largest criptocurrency by trading volume, does not hold any equity in the WazirX exchange, registered as Zanmai Labs Private Limited.

The CEO said in his tweet that his exchange only provides wallet services for WazirX.

In November 2019 a blog post was published by Binance that it had acquired WazirX. This transaction was never completed, according to Zhao. This blog post is still on Binance's website at press time.

The allegations of money laundering on WazirX are of deep concern to Binance, according to Zhao. He said that his exchange would cooperate with the Enforcement Directorate to help in the investigation.

Zhao said that there was a lot of concern to Binance about the operation of WazirX and how the platform is managed by Zanmai Labs. Binance works with law enforcement agencies all over the world. We would be happy to work with ED in any way possible. The ED announced on Friday that bank assets worth Rs 64.67 crore held by WazirX had been frozen after the regulatory body conducted searches on the exchange in connection with a case of money laundering via cryptocurrencies.