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Binance, the world’s largest cryptocurrency exchange by trading volume, said on Friday that it does not own India-based platform WazirX, despite disclosing the acquisition two-and-a-half years ago.

Binance founder and CEO Changpeng Zhao series of tweets The company “has been trying to close the deal for the past few years” but has yet to do so, citing “a number of issues” he declined to elaborate.

Binance announced the acquisition of WazirX in late 2019 a blog postThe official blog post, with photos of Zhao and the founders of WazirX, also showcases the enthusiasm of Binance executives for the deal.

“The acquisition of WazirX demonstrates our commitment and dedication to the people of India and strengthens India’s blockchain ecosystem, as well as another step forward in achieving freedom of money,” he was quoted as saying in a 2019 post.

WazirX also reports that it has “Acquired by Binance” in another blog post.

Last year, a tweet from Zhao shared a piece of news about WazirX, which was described as being owned by Binance.

Zhao said Friday that Binance “does not own any equity in Zanmai Labs,” the entity that operates WazirX and was established by the original founders.

“On November 21, 2019, Binance published a blog post stating that it had ‘acquired’ WazirX. The transaction was never completed. Binance has never – at any time – owned any of the entities that operate WazirX, Zanmai Labs shares,” he wrote.

“Binance only provides wallet services for WazirX as a technical solution. There is also integration using off-chain transactions to save on network fees. WazirX is responsible for all other aspects of the WazirX exchange including user registration, KYC, trading and origination withdrawals,” he added.

Earlier, India’s Enforcement Agency froze WazirX’s assets worth more than $8 million for alleged violations of foreign exchange rules.

“Recent allegations about the operation of WazirX and how Zanmai Labs manages the platform have drawn great attention from Binance. Binance cooperates with law enforcement agencies around the world. We are happy to cooperate with the ED in any way possible,” added Zhao. road.

WazirX is the largest cryptocurrency exchange in India by volume. The company said late last year that its annual transaction volume surpassed $43 billion in 2021, “a 1,735% increase over 2020.” The platform also provides its technology to several other Indian exchanges.

WazirX did not immediately respond to a request for comment Friday night (local time).

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