Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

Binance denied any equity ownership in the India-based crypto exchange after the latter came under regulatory scrutiny.

Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers.jpg

Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the exchange

The Directorate of Enforcement of India (ED) alleged that WazirX actively assisted approx 16 accused fintech companies in laundering the proceeds of crime using the crypto route and subsequently froze $8.1 million in bank balance related to the exchange.

There is ongoing controversy regarding whether Binance owns the exchange. Changpeng Zhao CEO of Binance crypto exchange said that Binance does not own any equity in WazirX parent entity Zanmai Labs, and further clarified that a supposed Nov 21, 2019 acquisition of WazirX by Binance was never completed.

Read full news at : https://cryptounity.news/binance-sides-with-indian-regulators-in-wazirx-fallout-to-cease-support-for-off-chain-transfers

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