WazirX Tries To Allay Employees Concerns About ED Action And The Binance Dispute

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Oct 13, 2022 - 03:14
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WazirX Tries To Allay Employees Concerns About ED Action And The Binance Dispute

The Directorate of Enforcement (ED) froze WazirX's bank assets last Friday, leaving the crypto exchange in a state of limbo, and the company is attempting to calm staff worries. WazirX's human resources division informed staff members in a Slack message on Monday that the company denies the ED's claims.

The Indian company that runs WazirX, Zanmai Lab Pvt Ltd, was the target of search operations against one of its directors, according to the ED, which also said it had frozen its bank accounts, which include Rs 64.67 crore.

"We wanted to let you know that we have been completely cooperating with the ED and have provided full and transparent responses to all of their inquiries in light of the current news about WazirX. We are assessing our next course of action because we disagree with the claims made in the ED press release." the Slack message.

WazirX founder Nischal Shetty and Binance CEO Changpeng Zhao (CZ) have been at odds on Twitter since Friday over who controls WazirX's business operations. In the Slack message, WazirX did not directly address this dispute but did say that staff members might raise questions "about the current happenings." The email stated, "Please be assured that we are making every effort to answer your queries and will respond to you as soon as we can. Please be aware that business as usual will continue, and that we'll always act in our users' and staff' best interests."

According to information that was received on Monday morning, the 15 million registered users of the Indian exchange have suffered as a result of the public spat between Shetty and CZ, and sources have indicated that Zanmai Labs is considering legal action in its conflict with Binance.

The exchange is the biggest and most well-known in the nation, so perhaps WazirX gains the most traction, as Shetty outlined how WazirX came under the government's scrutiny. He stated, "We have been cooperating with the (ED's) inquiry continuously and will continue to do so.