Connect with us

International

Not all twists have a happy ending

Published

on

 


At the end of ED investigations into WazirX owner Zanmai Labs, the founder of US-based cryptoexchange Binance, Changpeng Zhao, known as CZ, claimed that his company does not hold any stake in the Indian company, seen as an attempt to given up any role in the allegations surrounding WazirX.

WazirX has been shrouded in a massive controversy over the violation of the Foreign Exchange Management Act, 1999 (FEMA). The Enforcement Directorate (ED) recently conducted searches on one of the directors of Zanmai Labs and seized the company’s bank deposits amounting to Rs 64.67 crore.

On Wednesday, Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha that the WazirX has been served with an ED notice for two cases that it is investigating under the FEMA Act.

Following these developments, Binance owner Changpeng Zhao tweeted that his company does not own any equity in Zanmai Labs, owner of WazirX. “On November 21, 2019, Binance published a blog post that it had ‘acquired’ WazirX. This transaction was never completed. Binance has never – at any time – owned shares of Zanmai Labs, the entity that operates WazirX,” Changpeng said in I tweet.

He further noted that Binance only provides wallet services for WazirX. There is also integration using off-chain tx to save on network charges. WazirX is responsible for all other aspects of the WazirX exchange, including user registration, KYC, trading and initiation of withdrawals.

Meanwhile, Nishchal Shetty, CEO of WazirX, tweeted that WazirX was acquired by Binance.

Zanmai Labs is an Indian entity owned by Shetty and other co-founders.

Zanmai Labs has a license from Binance to operate INR-Crypto pairs on WazirX. Binance operates crypto-crypto pairs and processes crypto withdrawals, Shetty said.

WazirX
WazirX has been served with an ED notice for two cases that it is investigating under the FEMA Act.

You can check this fact by going to WazirX TOS More facts about WazirX: Binance owns the WazirX domain name, Binance has root access to AWS servers, Binance owns all crypto assets, and Binance owns all Crypto profits. confuse Zanmai and WazirX,” he added.

Responding to Shetty’s post, the Binance CEO expressed sadness that these issues were debated on Twitter. “Binance provides wallet services for WazirX. The WazirX domain has been transferred to our control. We have been given shared access to an AWS account. We may shut down WazirX,” he added.

CZ further noted that Binance has no control over platform operations, including “user registration, KYC, trading and initiation of withdrawals,” as stated earlier. The founding team of WazirX controls it. “It was never transferred, despite our requests. The deal was never closed,” he added.

The Binance CEO noted that the founding team of WazirX controls the operations of the platform. “We (Binance) have never been given user data or verification, KYC, etc. We would like to work with ED to fix these issues on WazirX,” he said.
According to the government, around 16 fintech companies that are under investigation for money laundering allegedly received “active” assistance from WazirX in diverting their alleged criminal profits through the use of cryptocurrencies.

Expert views on the controversy

CREBACO Global CEO Sidharth Sogani said he is disappointed to see the drama happening in the crypto industry. “Some exchanges are not only failing, but now shareholders are refusing to say they own it,” he said.
He further added that unfortunately the consumer suffers the most. “Users have lost millions in recent exchange busts involving Celsius, Vauld, etc., and now the dilemma between Binance and WazirX,” Sogani added.

Sources

1/ https://Google.com/

2/ https://www.outlookindia.com/business/binance-and-wazirx-s-dramatic-breakup-story-not-all-u-turns-have-a-happy-ending-news-214609

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]