According to CZ, Binance has no influence over WazirX's signup, KYC, or trading processes. The management of WazirX underlined its unwavering support for the Indian government in its most recent statement on Tuesday.
The country's Enforcement Directorate (ED) conducted a raid on a WazirX office last week because to concerns about money laundering. Money from WazirX bank accounts totaling more than Rs 64.67 crores (about $8.13 million) was seized. The agency claimed that WazirX helped fast loan apps launder illegal money. It claimed that cryptocurrency assets were used to transfer the funds. Contrary to popular misconception, Binance CEO CZ stated that WazirX was never owned by Binance shortly after the ED searches on the platform.
WazirX Spat on Binance
The Indian exchange added in the statement that by using the platform, users are agreeing to abide by all applicable laws. "We are able to produce the applicable user's KYC details for every transaction," the statement reads. The parent corporation, it continued, has no connection to fictitious users. According to the statement, Zanmai Labs is unaware of the motivation behind their transactions.
Off-Chain Dealings
WazirX added that there seems to be a miscommunication between the two exchanges about off-chain transactions. Only a user can conduct off-chain transactions between their own account on WazirX and Binance, according to the two platforms. The KYC is now registered for all off-chain transfers as a result. WazirX did, however, state that it was willing to give law enforcement officials full details regarding the accounts involved in transfers.
