Home CryptocurrencyBitcoin Indian authorities have unfrozen millions in WazirX’s locked bank accounts

Indian authorities have unfrozen millions in WazirX’s locked bank accounts

by SuperiorInvest

India’s Enforcement Directorate (ED) has frozen the bank accounts of Indian crypto exchange WazirX. claim from the stock market issued on September 12.

WazirX says it is cooperating with local authorities during their anti-money laundering (AML) investigations by providing all necessary documents and requested details. The investigation focused on 16 fintech companies and instant loan apps, some of which requested services from the exchange.

However, the exchange said it has zero tolerance for any illegal activities on the platform. Additionally, it said that most of the targeted users in the ED investigation had already been flagged as suspects by WazirX and blocked in 2020-2021.

WazirX told Cointelegraph that the case is still under investigation, but the funds have been unfrozen as no suspicious activity has been found, “with no further comment yet.”

Funds in WazirX bank accounts it has been frozen since August 5th, when the ED initially announced the investigation. Locked funds totaled more than $8.1 million.

ED charges against WazirX alleged processed $130 million in transfers funds into wallets that are being investigated for illegal activities. In light of allegations that Binance once tried to acquire the company in 2019, distanced herself from the exchange through a public statement of the CZ on Twitter.

Related: In the case of WazirX, Binance joined Indian regulators to stop supporting off-chain transfers

Before recent activity the exchange was the subject of an ED investigation in 2021 for money laundering charges related to illegal online gambling proceeds tied to Chinese entities.

This time, the crackdown on crypto exchanges in the country did not stop with WazirX. Aug. 12 ED froze a total of $46.4 million in Yellow Tune bank balances and Flipvolt crypto exchange balances. The allegations were also related to money laundering and the company was accused of being a shell for Chinese entities.

Authorities said the funds will remain unavailable until the exchange can account for the proceeds of crime it transferred out of the country.

These investigations began to pile up after the Indian government announced sweeping new crypto tax regulationswhich entered into force at the beginning of this year.

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