Someone Wants Binance to Go Down?

Certainly one of the biggest news from the week - well, maybe asides the Solana hack.

Over the last few days, Binance CEO, Changpeng Zhao (famously known as CZ) has spent a lot of time on Twitter trying to clarify Binance’s relationship with WazirX after the Enforcement Directorate(ED) on Friday froze bank deposits of Rs 64.67 crore as part of a money laundering probe against crypto exchange, WazirX.

The federal agency alleged that a director of Zanmai Lab Pvt Ltd, which owns WazirX, has been "non-cooperative" with the probe efforts.

CZ claims WazirX is not owned by Binance, saying that the transaction was never completed. 

CZ 🔶 Binance @cz_binance

Quick thread on Binance and WazirX, and some incorrect reporting. Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. 1/4

However, WazirX Founder, Nischal Shetty tries to contradict CZ’s claims in a counter tweet

Nischal (Shardeum) ⚡️ @NischalShetty

1/ FACTS about WazirX & Binance: WazirX was acquired by Binance Zanmai Labs is an India entity owned by me & my co-founders Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal…

CZ has gone further to state that Binance does not have control over operations such as user sign-up, KYC, trading, and withdrawals - all of which are managed by WazirX. 

CZ 🔶 Binance @cz_binance

Sad that these have to be debated on Twitter: Binance provides wallet services for WazirX. WazirX domain is transferred to our control. We were given a shared access to an AWS account. We could shutdown WazirX. But we can't, because.. 1/2

Nischal (Shardeum) ⚡️ @NischalShetty

1/ FACTS about WazirX & Binance: WazirX was acquired by Binance Zanmai Labs is an India entity owned by me & my co-founders Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX Binance operates crypto to crypto pairs, processes crypto withdrawal…

Binance is the biggest crypto exchange by trading volume and, perhaps, regulatory compliance. For glaring reasons, there are rumours a few industry big shots might want Binance to go down.

However, none of these rumours are so far backed by indisputable evidence. 

We’ll keep our eyes glued for future developments.