Indian regulator unfreezes assets of the WazirX crypto exchange
Representatives of the platform reported on cooperation with the agency
12.09.2022 - 11:45
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What’s new? India’s Enforcement Directorate (ED) has unfrozen the corporate bank account of Binance-owned crypto exchange WazirX. Earlier in August, the agency froze the platform’s assets in connection with an investigation into 16 fintech companies and instant loan apps. Some of the firms under investigation were using WazirX. According to the statement, the exchange is cooperating with investigators by providing them with all the necessary information and documents of the alleged accused client companies.
What else does the blog say? The WazirX team also stated that the exchange is not affiliated with any of the alleged accused companies. In addition, the platform identified and blocked most of the suspicious users after an internal investigation in 2020-2021.
What happened before? In August, ED launched an investigation into WazirX for allegedly laundering $350 million. On August 6, Binance CEO Changpeng Zhao denied the allegations against the company. He stressed that Binance has no financial ties to WazirX and does not own capital in its parent company Zanmai Labs
Indian authorities also initiated an investigation into at least ten crypto exchanges for allegedly laundering more than $125 million. The platforms reportedly assisted instant loan companies in laundering criminal proceeds by converting them into cryptocurrencies.
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