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Binance sided with the Indian regulators in the situation with WAZIRX and stopped supporting extracurricular translations

BINANCE denies its share of participation in the Indian crypto -story after the latter came into the view of the regulators.

According to the local news edition of The Economic Times, on Thursday, Binance plans to cancel extra-power transfers from the Wazir Indian cryptocurrency exchange, although users will still be able to replenish and display balances using the standard process of removing and replenishing the funds between two exchanges. Three days before, the Indian Legislation Office said that Wazir "actively helped about 16 accused fintech companies of laundering of criminal proceeds with cryptocurrencies," and subsequently froze $ 8.1 million on banking balance sheets associated with exchanges. At the same time, the dispute continues about whether Binance is the owner of the exchange. Last Friday, Changpeng Zhao (CZ), CEO BINANCE, said that Binance does not own the share in the Wazir Mother's company - Zanmai Labs, and specified that the alleged acquisition of Wazir with Binance was not completed on November 21, 2019. However, in Twita of April 5, 2021, Zhao reposted the following statement from The Financial Express: "The Wazir Indian crypto -rope, owned by Binance, overcame the $ 200 million in a daily bidding; in 2021 it plans to reach $ 1 billion." In a similar message, the niche Shtty, the founder of Wazirx, claims that Wazirx was purchased by Binance, and the latter participated in operations such as cryptocurrency pairs, processing of cryptocurrency removal and the like. Moreover, Shetti claimed that Binance owns the domain name Wazirx, has a Root access to its servers and controls all the crypto actes and trade profit of Wazirx. The CEO of Binance CZ resolutely denied these statements, saying: "Binance provides Wazir wallet services only as a technical solution. There is also integration using extracurricular TX to save on network fees. WAZIRX is responsible for all other aspects of Wazirx exchange, including user registration, KYC, trade and initiating removal of funds." Recently, Wazirx has been involved in a number of contradictions. Last year, the Indian Legislation Administration has already conducted an investigation against the exchange in connection with charges of violating the rules for the fight against money laundering. At the beginning of this year, government officials from the Central Committee on Taxes and Duties and the Central Excise Committee seized funds from the exchange in the amount of 6.62 million dollars after detecting tax evasion for trade commissions.

#BLOCKCHAIN#CRYPTOCURRENCIES#BUSINESS#INDIA#REGULATION
8/9/2022