WazirX, a Binance-owned exchange, has recently run into issues with the law involving money laundering.
WazirX exchange’s potential involvement in helping fast loan
The largest cryptocurrency exchange in India, WazirX, which Binance purchased in 2019, has its assets frozen as part of an inquiry into possible violations of foreign exchange regulations, according to a Reuters article from the afternoon of August 5.
The ED declared that assets worth $8.16 million or 646.70 million rupees had been blocked. The organization claimed that its actions were connected to the probe because of concerns about the WazirX exchange’s potential involvement in helping fast loan app companies launder criminal gains by changing those funds into cryptocurrencies on its platform.
A money laundering case involving unlawful Chinese-owned online betting apps has been investigated by the ED. The ED discovered throughout the inquiry that the Binance-owned exchange exchange was used to exchange illegal earnings worth roughly Rs 570 million into cryptocurrency. In reality, the ED opened a new inquiry into WazirX in 2021 on the grounds that it may have broken foreign currency laws.
A similar case involving WazirX and claims of “indirect” money laundering was brought against the Binance exchange roughly two months ago, but on a far greater scale, involving 2.35 billion USD from 2017 to 2021.
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