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Huge relief for Binance-linked WazirX

IFM_WazirX
WazirX suffered a severe setback as a result of the Enforcement Directorate inquiry, and US-based cryptocurrency exchange Binance practically disowned WazirX as an outcome

Cryptocurrency trading platform WazirX said that the Enforcement Directorate (ED) has unfrozen its bank accounts, allowing it to restart banking activities after nearly a month.

In a blog post, WazirX said, “After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by the Enforcement Directorate were already identified as suspicious by WazirX internally and were blocked in 2020-2021.”

The cryptocurrency trading platform suffered a severe setback as a result of the Enforcement Directorate inquiry, and US-based cryptocurrency exchange Binance practically disowned WazirX as an outcome.

WazirX was believed to have been acquired earlier in 2019, but Binance CEO Changpeng Zhao claimed the company did not own WazirX a few hours after the Enforcement Directorate seized accounts for the company.

This ultimately resulted in a Twitter argument between Changpeng Zhao and Nischal Shetty, the other co-founder of WazirX, on August 6 and 7.

Additionally, Binance shut off the channel for off-chain fund transfers between WazirX and Binance. Fund transfers that take place off the blockchain are known as off-chain transactions. Off-chain transactions have gained a lot of traction because they have no or little gas fee.

“The Enforcement Directorate (ED) has been conducting investigations of 16 fintech companies and instant loan apps. Some out of them have happened to use the WazirX platform,” the cryptocurrency trading platform added.

“WazirX has been cooperating with the investigators by providing them with all the necessary details, information, and documents of the alleged accused companies who used the WazirX platform,” WazirX said.

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