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WazirX Owner Zanmai Labs Comes Out With Its Statement

There seems to be a major misunderstanding about off-chain transactions between WazirX and Binance, says Zanmai Labs

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In a fresh development in the WazirX-Binance saga, Zanmai Labs (owner of WazirX) has issued its own statement. The company says that it has fully cooperated with the Enforcement Directorate (ED) for several days and has "responded to all their queries fully and transparently". 

"WazirX is a platform co-operated by Zanmai Labs Pvt. Ltd. (Zanmai Labs) and Binance. Zanmai Labs has a no-tolerance policy towards any illegal activities using WazirX. Users agree in the User Agreement to use WazirX in accordance with applicable law. Users are signed up on WazirX only after they complete the KYC process, including submitting proof of address and identity. Our KYC/AML terms and processes are available on the platform publicly. For every transaction, we are able to produce the KYC details of the relevant user," said the statement from Zanmai Labs.

The company further stated that ED may be investigating the transactions of certain users and Zanmai Labs has no affiliation to such users and is unaware about the purpose of their transactions. 

"Zanmai Labs is in the position of any other intermediary whose platform may have been misused," added Zanmai Labs.

In addition, Zanmai Labs clarified that there has been a major misunderstanding about off-chain transactions between WazirX and Binance. "Off-chain transactions between WazirX and Binance can only be done by a user between his/her/its own account on the two platforms. Hence, KYC details are available for all off-chain transfers as well [and have been submitted to the ED when requested]. Off-chain withdrawals also cannot happen if the accounts are not KYCed. Law Enforcement Agencies (LEAs) can get complete information about the accounts involved in off-chain transfers," mentioned the statement.

Also read: ED Probes WazirX In 2 Cases Related To Cryptocurrency

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WazirX Binance Zanmai Labs