WazirX didn’t pass ownership, heated debates have been on for 2 years: Binance
As the clash between WazirX and Binance escalates, a senior executive from the latter revealed that WazirX has been avoiding to pass on full ownership of its assets to Binance for the past two years. The global cryptocurrency trading platform will not engage with WazirX in the future, especially with the ongoing Enforcement Directorate (ED) investigation.
Moreover, Binance claimed that ED has not been in touch with its teams during the investigation.
ALSO READ: Binance to cease off-chain fund transfers with WazirX
The public disagreement through a barrage of tweets between Binance CEO Changpeng Zhao (known as CZ) and WazirX CEO Nischal Shetty started a few hours after ED issued a statement that it will freeze WazirX's bank assets worth over Rs 64 crore, after it was allegedly being involved in assisting illegal Chinese lending apps make cross-border payments using crypto tokens through its network, violating Foreign Exchange Management Act (FEMA).
Binance will also request Indian users to move their assets officially to Binance.com, in an announcement expected shortly. WazirX currently accounts for nearly 50 percent of the Indian crypto trading volumes.
“In 2019, when we entered the market, we thought WazirX would be a good partner to enter the market in authentic way. As soon as we sat down to discuss business, problems started to appear. Over the past two years, we have been having hot debate with WazirX to pass ownership to us. That debate continues to this day,” Patrick Hillmann, Chief Communications Officer, Binance said in an interview with CNBC TV-18.
He added, “With regards to timing of this, we got to know about the ED investigation when it appeared in the news. ED has not been in touch with our teams yet, but our
Read more on moneycontrol.com
