Select Page

WazirX Under Investigation by India’s Enforcement Directorate

WazirX Under Investigation by India’s Enforcement Directorate
Loading...
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Indian crypto exchange WazirX is under investigation by the country’s Enforcement Directorate (ED) for suspected violation of foreign exchange regulations.

The ED said the exchange’s suspected violation of the country’s Foreign Exchange Management Act involved transactions worth 27.90 billion rupees ($381.93 million). The agency also said executives Nischal Shetty and Hanuam Mhatre were under investigation, alongside the company.

Details of the investigation

This new investigation is linked to a money laundering investigation into Chinese-owned illegal online gambling applications. According to the ED, accused Chinese nationals laundered criminal proceeds by converting them into the tether (USDT) cryptocurrency.

They then transferred these converted proceeds via Binance, which acquired WazirX in 2019. According to the ED, WazirX received cryptocurrency worth 8.8 billion rupees ($120 million) from Binance accounts. 14 billion rupees ($191 million) was then transferred to Binance accounts during the period of  investigation. 

The ED issued a show cause notice to the company and its executives, which requires that named parties provide an explanation to a court. Meanwhile, WazirX said it had yet to receive any show cause notice, declaring compliance with all applicable laws.

WazirX issues

This isn’t the first unflattering press WazirX has received recently. Earlier this year, the exchange was overwhelmed by the demand for dogecoin (DOGE). Many attempts by users to trade the cryptocurrency were perceived as cyberattacks and denied by the exchange’s servers. WazirX had earlier been facing issues with periods of higher volume.

This had only been exacerbated by the unstable regulatory environment in India. Earlier, Indian’s central bank had informally urged lenders to sever ties with crypto-related businesses. Private lender ICICI Bank did such with WazirX, which contributed to its trade processing capacity issues. Since then, the RBI has clarified its stance, in effect negating this informal request.

Exchange invasion in India

Meanwhile, despite all this regulatory uncertainty, global crypto exchanges are increasingly looking to enter the Indian market. Kraken, Bitfinex, and KuCoin have already initiated talks to understand the Indian market and entry points better. To enter the market, these exchanges would have to set up their own subsidiaries within the country or to buy a local firm.

Loading...

The post WazirX Under Investigation by India’s Enforcement Directorate appeared first on BeInCrypto.

 

Source: BeInCrypto

 


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Loading...

Categories

Select Sub Category
category
60d3137d9922b
1
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber