The Indian Enforcement Department (ED) has unblocked the accounts of crypto exchange WazirX, to me to update the stock exchange.
Today’s announcement stated that the exchange’s bank accounts were frozen after “active cooperation” with the Internal Control Department via active anti-money laundering (AML) controls that blocked “suspicious accounts.”
The stock exchange, which is one of the largest Indian stock exchanges with Trading volume of 2.9 million USD over 24 hoursHe had $8.14 million in frozen assets for more than a month.
Financial Controllers Accused money laundering facilitation exchangeBy purchasing and transferring virtual crypto assets.” ED also released advertiser That 16 fintech companies used WazirX to funnel crypto assets into “unknown foreign wallets.”
ED is looking for a manager of WazirX Crypto-Currency Exchange and freezing his bank assets worth Rs 64.67 crore to help payday loan APP companies accused of laundering fraudulent funds through the purchase and transfer of virtual crypto assets.
During its investigation of the exchange, the financial regulator found that of the 16 companies suspected of money laundering through WazirX, most accounts were already blocked between 2020 and 2021.
Today’s news comes amid an “ongoing money laundering investigation into illegal betting apps owned by China,” the regulator said in June. At that time, he issued an ED WazirX with notice of the reason for the offer as part of the investigation.
The ED stated that “WazirX clients were able to transfer “valuable” cryptocurrencies to anyone, regardless of location and nationality without any proper documentation, which led to the investigation and further asset freezes.
WazirX has not yet responded to DecryptComment requested at press time.
Regulator cracks down on WazirX and CoinSwitch
The Indian watchdog is actively investigating money laundering and other fraudulent crypto activities.
CoinSwitch, another Indian crypto exchange backed by the likes of Coinbase and a16z, has been Accused of violations of currency laws and saw five of its sites investigated in August.
The CEO of the stock exchange stated that the stock exchange investigationThe mail was not “related to money laundering” but about its “Know Your Customer” (KYC) processes and day-to-day procedures for preparing new users. At the time of this news release, no updates have been made.
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