Binance's CZ Makes U-turn, Says WazirX Acquisition 'Was Never Completed'
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Cryptocurrency exchange Binance has never completed the acquisition of WazirX even though the exchange announced the deal in a blog post, Changpeng Zhao (CZ), Binance CEO, said in a tweet thread.

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According to CZ, Binance has never owned any shares of Zanmai Labs, the entity operating WazirX. It remains unclear if it is the only deal that Binance decided to put on hold without any public announcement.

Yet, the Binance CEO acknowledged that Binance provided wallet services for WazirX "as a tech solution." According to reports, after Binance announced the acquisition, all crypto transactions between these two exchanges were not even being recorded on a blockchain.

"There is also integration using off-chain tx, to save on network fees. WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals," CZ claimed.

Indian Crypto Exchange WazirX is Suspected of Laundering $350M

CZ's revelations appear shortly after Reuters reported that India's financial crime-fighting agency has frozen the assets of WazirX as part of its investigation into suspected violation of foreign exchange regulations.

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