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    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

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    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

    reduce a PDF’s file size

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    US midterm results latest: Republicans win 218 seats to take House as Kevin McCarthy wins initial GOP speaker vote

    Google Pixel Watch

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    Analyst: iPhone 14 Plus Sales Lagged Behind iPhone 13 Mini, Strategy 'Failed'

    Apple’s Emergency SOS Service for iPhone 14 Goes Live in US and Canada

    Pixel 7 Pro hazel top down view with display on

    Survey shows few people have had major issues with the Pixel 7 series

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    • CES 2017
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    Xbox rolls out official support for Discord, Lightstream, and Streamlabs

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    Samsung brings Xbox Cloud Gaming and GeForce Now to 2021 sets

    Virtual Gaming Revolution Continuing To Develop

    Virtual Gaming Revolution Continuing To Develop

    How to Set Custom Shortcuts for Xbox Game Bar in Windows

    How to Set Custom Shortcuts for Xbox Game Bar in Windows

    Asus' ROG Flow Z13 is a Surface for gaming

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    Atari's 50th anniversary celebration gives players a hands-on lesson in video gaming history

    Atari’s 50th anniversary celebration gives players a hands-on lesson in video gaming history

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    Enhance your omnichannel service strategies with data-driven insights.

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    Facebook layoffs are a reminder that your job won’t love you back

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    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

    reduce a PDF’s file size

    How to reduce a PDF’s file size for Mac and Windows

    7 Best Tools To Boost UX Designer's Work In 2022

    7 Best Tools To Boost UX Designer’s Work In 2022

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    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

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    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

    reduce a PDF’s file size

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Business as usual at India’s WazirX as Binance distances

by Staff Writer
August 8, 2022
in Business
Reading Time: 2 mins read
wazirx
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Indian crypto exchange WazirX said its operations are being conducted as usual, even after Binance denied owning equity in Zanmai Labs, the entity operating WazirX. The spat over ownership — Binance had reportedly acquired WazirX in 2019 — surfaced after Indian authorities reportedly froze US$8 million in WazirX assets, alleging possible violation of foreign exchange laws.

See related article: WazirX CEO: India’s crypto industry trying to keep ‘clean’ for regulators

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Fast facts

  • “Innocent till proven guilty has changed to guilty till proven innocent,” Nischal Shetty, founder of WazirX, said on Twitter, while clarifying that WazirX’s operations are conducted as usual with crypto and withdrawals in Indian rupees being processed normally.
  • Shetty’s response comes after Binance founder and CEO Changpeng Zhao, in a series of Tweets, said that on Nov. 21, 2019, Binance published a blog post to say it had “acquired” WazirX. However, “This transaction was never completed. Binance has never — at any point — owned any shares of Zanmai Labs, the entity operating WazirX,” Zhao said.
  • Binance only provides wallet services for WazirX as a tech solution, Zhao said.
  • Shetty said in an interview with Moneycontrol that he has legal documents to prove Binance controls all crypto-to-crypto trading as well as crypto deposits and withdrawals on the platform. Shetty also said that WazirX as a product and a brand is owned by Binance, which was acquired in 2019, and has a license from Binance for processing rupee transactions. 
  • The move comes after India’s Directorate of Enforcement (ED), responsible for enforcing economic laws and fighting economic crime, was reportedly investigating WazirX under the Foreign Exchange Management Act of 1999 (FEMA), while sending out a freezing order on WazirX’s assets worth over US$8 million. 
  • WazirX had said earlier it has been cooperating with the ED and responding to their queries. However, WazirX said it does not agree with the allegations in the ED press release. “We are evaluating our further plan of action.”

See related article: Indian crypto exchange WazirX in probe over US$382M in suspect transactions



Source by forkast.news

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