Cryptocurrency exchange tenth minister accused of money laundering

Wazir X – a large and popular digital exchange based in India – is Currently topic A financial investigation that executives say they are cooperating with. At the time of writing, the company’s bank balances have been frozen by the Enforcement Department (ED).

The tenth minister is being questioned

A spokesperson for the exchange recently stated in an interview:

We have fully cooperated with the Execution Department (ED) for several days and have responded to all their inquiries completely and transparently.

At the same time, the company has stated that it does not agree with the charges against it, and executives say they will fight the allegations with everything they have. They mention:

We do not agree with the claims made in the ED press release. We are evaluating our further business plan.

The ED believes that Wazir X was involved in money laundering tactics. A few weeks ago, agents from organizations searched real estate owned by one of the company’s managers. In a statement, ED officials commented:

Zanmai Labs Pvt Ltd, the company that owns Wazir X, has established a network of agreements with Crowd Fire Inc. USA, Binance (Cayman Islands), [and] Zettai Pte Ltd Singapore to hide ownership of a cryptocurrency exchange. Earlier, their managing director Nischal Shetty claimed that Wazir X is an Indian exchange that controls all crypto and INR-crypto transactions and only has an IP and a preferential agreement with Binance, but now, Zanmai claims to be involved in INR-only crypto transactions and all other transactions are made by Binance on Wazir X. It gives contradictory and ambiguous answers to evade censorship by Indian regulators.

Wazir X is just one of the many cryptocurrency exchanges in India that have suffered recently. The cryptocurrency crash eventually brought everyone down, but it looks like India is suffering the most at the hands of what could be one of the biggest bear markets in space history. Many exchanges have seen their trading volumes drop as traders seek to get their money out of risky assets, and many have been forced to liquidate and/or file for bankruptcy.

Wazir X is just one of the few cryptocurrency exchanges that has managed to survive the turmoil, but with so many proxies crawling back in, it’s hard to say what the future holds for the popular trading platform.

Mixed messages?

The founder and CEO of the exchange recently stated:

Zanmai Labs is an Indian entity owned by me and my founding partners. Zanmai Labs holds a license from Binance to operate INR-crypto pairs in Wazir X. Binance manages cryptocurrency for crypto-pairs and processes cryptocurrency withdrawals. You can check this fact by going to Wazir X’s TOS.

Tags: ED, Money Laundering, Wazir X

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