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India Has Frozen Crypto Exchange WazirX Assets Which is Owned by Binance

India's financial crime-fighting agent said Friday that it had frozen WazirX's assets, which were owned by Binance, the largest digital currency exchange in the world,...
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India’s financial crime-fighting agent said Friday that it had frozen WazirX’s assets, which were owned by Binance, the largest digital currency exchange in the world, as part its investigation into possible violations of foreign exchange regulations.

According to the federal Enforcement Directorate (ED), assets were frozen at 646.70 crore rupees ($8.16million).

WazirX didn’t immediately respond to my request for comment.

According to the agency, its actions were related to an investigation into the role of the crypto exchange in aiding instant loan apps companies in laundering proceeds from crime through the conversion of it into cryptocurrency on its platform.

These searches were done on Zanmai Lab’s director, WazirX. WazirX is one of the most popular virtual currency exchanges in Pakistan.

According to the ED, it is investigating money laundering against a number of shadow banks as well as their fintech companies in relation to violations of central bank norms.

“While conducting fund trail investigations, ED discovered that large amounts were diverted by fintech companies to buy crypto assets and then to launder them abroad …(a). The maximum amount of funds was diverted to WazirX and the crypto assets purchased were also diverted to

It stated in a release that unknown foreign wallets were being used.

The investigating agency found that many of these companies involved in illegal lending practices were supported by Chinese funds.

Last year, the ED began an investigation into WazirX, owned by Binance since 2019, for possible violations of foreign exchange regulations.

ED was investigating a money laundering case in 2021 that involved illegal online gambling applications owned by Chinese. The investigation revealed that approximately 570 million rupees of laundered proceeds from crime had been converted to cryptocurrencies via the Binance platform.

India has imposed tax regulations on virtual currencies, which have caused trading volumes to plummet and dealt a severe blow.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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