India has frozen bank assets of crypto exchange Wazirx. Binance says it would be happy to work with the Indian authority 'in any way possible.' CZ cryptocurrency bitcoin
The exchange was supposedly acquired by Binance in 2019. However, Binance CEO Changpeng Zhao now claims that the acquisition was “never completed.” Wazirx, however, maintains that it was acquired by Binance.a press release Friday concerning Wazirx, a major crypto exchange in India. ED is a law enforcement and economic intelligence agency of the government of India. The announcement details:
The announcement describes: “ED found that large amount of funds were diverted by the fintech companies to purchase crypto assets and then launder them abroad. These companies and the virtual assets are untraceable at the moment.” The lax KYC norms, loose regulatory control of transactions between Wazirx & Binance, non-recording of transactions on blockchains to save costs and non-recording of the KYC of the opposite wallets has ensured that Wazirx is not able to give any account for the missing crypto assets. It has made no efforts to trace these crypto assets.
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