On August 5th, it is reported that Indian financial authority claimed the assets of WazirX has been frozen. WazirX was acquired by Binance in 2019 and the latter is the world’s largest cryptocurrency exchange. This legal action is part of an Indian governmental investigation to WazirX for violations of foreign exchange regulations.
India Federal Enforcement Agency (ED) confirmed that the frozen assets were valued at 646.70 million Rupees (US$8.16 million).
WazirX did not respond to requests for comment.
The Agency explained, this legal action was related to investigation of the cryptocurrency exchange’s alleged role: the WazirX exchange was accused to have assisted money-laundry of an instant-lending app company’s criminal proceeds into cryptocurrencies on its platform.
Since last year, ED has started the investigation to WazirX by suspecting its violation to India foreign exchange regulations. In 2021, during the course of an investigation to a money-laundering online gambling app, ED found the Chinese-owned app had converted a total of 570 million Rupees of criminal proceeds into cryptocurrency through Binance.
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