On Tuesday, the company running the Indian cryptocurrency exchange WazirX, Zanmai Labs Private Limited, declared that it had a zero-tolerance policy for any “illegal actions.” Users abide by all applicable laws when using the exchange, the business stated in a statement. Since India’s Directorate of Enforcement (ED) began looking into cases of alleged foreign exchange breaches, WazirX, one of the top cryptocurrency exchanges by volume, has come under regulatory attention. pic.twitter.com/9GzoNF61yi — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 9, 2022 The Indian crypto trading app stated that all off-chain transfers are also available with KYC information, and law enforcement can obtain comprehensive details about the accounts engaged in off-chain transfers. ED appears to be looking into some users’ transactions, but Zanmai Labs has no connection to these users and is not aware of the motivation behind their activities. The company said in a statement, “For every transaction, we can produce the relevant user’s KYC (know-your-customer) details. We do not accept any cash transactions.” Binance Denied Purchasing WazirX According to reports, WazirX, with 15 million members, was purchased by Binance in 2019. The founder and CEO of Binance, Changpeng Zhao, said the transaction was never finalized in a series of Tweets. 2/ On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was ne...
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