ED Unblocks WazirX Bank Accounts After Long Investigation


New Delhi: After many days of inquiries, the Directorate of Enforcement (ED) has unblocked WazirX’s bank accounts, allowing the company to resume regular banking operations, according to a statement issued by WazirX on Monday.

WazirX tweeted: “The ED has unblocked WazirX’s bank accounts. Working with investigators, WazirX has provided all necessary details and documents from the allegedly accused companies that used the WazirX platform.”

The company further clarified that it has no affiliation with any of the alleged fintech and instant loan app companies “which appear to be the subject of ED investigations and are conducting KYC and AML checks, although it is not legally required to do so.” is obliged.”

In addition, WazirX clarified that most of the users whose information was requested by ED were already internally identified as suspicious by WazirX and banned in 2020-2021.

Earlier on August 10, Zanmai Labs, which is partnered by Binance, WazirX clarified that the ED appears to be investigating the transactions of specific users and Zanmai Labs “has no connection with such users and is unaware of the purpose of their transactions . ”

The relationship between Binance and WazirX turned bitter after the Enforcement Directorate (ED) froze financial institutions’ balances to the Rs 64.67 crore music of Zanmai administrators on August 5, 2022. The public dispute ended with about 15 million registered customers stranded at the structures.

It is believed that Zanmai Labs, run with the help of Nischal Shetty and other founders, will choose a criminal path. This sent shockwaves to the market in particular when Binance announced its acquisition of WazirX in a weblog on November 21, 2019. In response, Binance CEO Changpeng Zhao officially clarified through a series of tweets that his employer is by no means finalizing the purchase of WazirX.

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