Users Panic Following WazirX Likely Shut Down By Binance

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WazirX crypto exchange platform has been tangled in the web of the Enforcement Directorate. The Indian crypto platform was acquired by high-profile exchange platform, Binance a few years ago.

However, the exchange platform was raided a few days ago; its assets were seized and frozen by the ED over alleged money laundering charges. The federal agency stated that the platform director was guilty of money laundering charges and affiliated with loan sharks’ applications. 

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Upon the raid on the company by the ED, Binance CEO Zhao Chang Peng announced that the troubled platform was not affiliated with the company. This statement is coming years after the CEO announced the WazirX acquisition.

Binance CEO Zhao To Take Action Against WazirX Exchange

WazirX was launched in 2017 in the Indian cryptocurrency markets. Following the launch, the company made gains and became the leading cryptocurrency exchange platform in the Indian markets. 

However, Binance’s CEO announced an acquisition in November 2019, stating that the WazirX domain was under control. Details regarding the affiliations and acquisition between the companies were made unknown to the general public. 

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After the raid on the exchange on the 3rd of August, Zhao denied any affiliation with the crumbling company. However, during Zhao’s speech, he stated that ‘we could shut down WazirX” this statement has generated mixed reactions from users. 

Zhao later clarified that Binance does not have power over WazirX or any operations relating to the company. However, he stated that Binance might act against the WazirX crypto exchange platform.

WazirX Co-Founder Reveals Full Details Regarding The Ruckus

Few days after the ED raided the cryptocurrency exchange platform, Binance CEO, Zhao Chang Peng denied any affiliation with the company. Following Binance CEO announcement, one of the co-founders of WazirX came out to give full details regarding the troubled company. 

The co-founder, Nischal Shetty, refuted claims by Zhao Chanpeng that it has no power over WazirX. Shetty stated that from the Binance CEO speech, there is evidence proving Binance’s power over the company. 

WazirX is under the control of Binance, and all operations, including domain, are with Binance. He also assured the platform users not to panic as the company is giving maximum cooperation to the ED agency. 

The company has not violated any laws, and the platform follows all regulations. All transactions on the platform are always recorded and kept, and all transactions between Binance and WazirX are also available.  

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