India’s Enforcement Directorate on Friday froze the bank assets worth more than $8 million of India’s leading cryptocurrency exchange WazirX. Notably, the exchange was acquired by Binance in 2019, but Binance’s CEO refuted the allegations in his tweet saying that WazirX never gave them any operational control over the exchange. On the other hand, WazirX founder Nischal Shetty stressed that it was acquired by Binance. ED Raids on WazirX On 5 August 2022, a press release was issued by India’s Directorate of Enforcement (ED) regarding WazirX. ED, which investigates the offenses related to money laundering and economic fraud, in a statement, said that ED had conducted raids on one of the directors of M/s Zanmai Lab Pvt Ltd, which owns the popular crypto exchange WazirX and issued an order to freeze their bank balances to the tune of INR 64.67 crore (646.2 million). Under Scanner for Acquisition by Binance The agency also alleged that Zanmai Labs Pvt Ltd, the company owned by WazirX, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd., Singapore, to obscure the ownership of the crypto exchange. Managing Director Mr. Nischal Shetty is also accused of giving “contradictory & ambiguous answers to evade oversight by Indian regulatory agencies”. Earlier he maintained that WazirX is an Indian Exchange that controls all the crypto-crypto & INR-crypto transactions and only has an IP & preferen...
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