- WazirX accounts have been frozen by the Indian Enforcement Department.
- The finance minister highlighted illegal loan applications with links to China.
WazirX, a cryptocurrency exchange, announced on Monday that more than a month after the Department of Enforcement (ED) in India froze its bank accounts they were “unfrozen.” ED froze WazirX’s bank account last month as part of an ongoing investigation into alleged fraud in instant loan applications, which provide short-term loans.
Several of the 16 fintech companies targeted for investigation used the WazirX platform. Subsequently, cryptocurrency exchange WazirX stated that it was working with the enforcement management body by providing them with all the details, data and documents required for suspected paying companies that used the WazirX platform.
and Indian cryptocurrency exchange WazirX advertiser who – which
WazirX has a zero-tolerance policy towards any illegal activities using its platform and authorizes users to use it for lawful and honest purposes only. On WazirX, Users undertake to act in accordance with all applicable laws.
WazirX Probe with Execution Management
The Indian regulator responsible for monitoring WazirX’s economic crimes, allegedly enabling it to buy and transfer virtual crypto assets to support the scams of instant loan app companies headquartered in China.
Then, on August 5, the ED launched a raid on Samir Mahathir’s WazirX property, allegedly supporting 16 companies accused of using cryptocurrency to launder the proceeds of crime. Although investigators froze $8.1 million of funds deposited in the exchange.
WazirX is tasked with approving transactions worth more than $350 million in crypto-assets to unidentified wallets. Finance Minister Nirmala Sitharaman confirmed on August 3 that under FEMA, a Cause Notice (SCN) has also been sent to WazirX.
Also, another issue reached WazirX, causing the situation to escalate into an argument on Twitter between Changpeng Zhao, CEO of Binance, and Nischal Shetty, co-founder of WazirX, over who controls WazirX.
Moreover, Finance Minister Nirmala Sitharaman presided over a meeting on September 8, and Deputy Governor of the Central Bank of India also attended the meeting. At the meeting brought the Minister of Finance ”Illegal loan applicationsWith links to China in the spotlight.
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