ED unblocks WazirX bank accounts
Cryptocurrency exchange WazirX said in a blog post on Monday that the Enforcement Branch had unfrozen its bank accounts.
The federal agency charged with investigating money laundering claimed in August that it raided one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX.
The ED was reviewing 16 fintech companies and quick loan apps when it hit this milestone. For allegedly laundering more than Rs 1,000 crore from firms accused in the fast loan apps case, the agency is looking at at least ten cryptocurrency exchanges.
According to the company’s blog post, “WazirX found that the majority of people whose information was sought by ED were already identified by WazirX internally as questionable and were blocked in 2020-2021.”
The ED said in its August report that the exchange had “actively” helped around 16 fintech companies under investigation for suspected money laundering to transfer their illicit earnings through the use of crypto. -currencies.
Separately, in June last year, the ED asked WazirX to provide an explanation for cryptocurrency transactions totaling Rs 2,790.74 crore which it claimed violated the Foreign Exchange Management Act. (FEMA).
For comments and suggestions, email us at [email protected]