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India’s WazirX Comes Under Government Microscope For Laundering $350m

The Indian government’s Directorate of Enforcement (ED) has announced a probe into Binance-acquired WazirX for allegedly laundering $350m. The ministry of finance...
India’s WazirX Comes Under Government Microscope For Laundering $350m India’s WazirX Comes Under Government Microscope For Laundering $350m

The Indian government’s Directorate of Enforcement (ED) has announced a probe into Binance-acquired WazirX for allegedly laundering $350m. The ministry of finance has issued a Show Cause Notice to the Indian exchange, under the provisions of Foreign Exchange Management Act (FEMA).

The case against WazirX has been going on since June 2021. However, the minister of state for finance, Pankaj Chaudhary, recently discussed the case in Rajya Sabha – the upper house of Indian parliament – and brought it back into focus.

Crypto exchange WazirX, which describes itself to be India’s most trusted bitcoin and cryptocurrency exchange on its website, was also in news last year for tax evasion of $5m. However, GST Mumbai East Commissionerate of Mumbai Zone revealed that WazirX paid the due tax along with penalty soon after.

Charges Against WazirX

Although the original link to the largely circulated government notice can’t be traced at the moment, it states that “currently cryptocurrencies are unregulated in India” and that “the government does not collect any data on such information.

The ED is looking into the company for allowing outward remittance of crypto assets to unknown wallets and for allowing the foreign users’ request to convert one crypto into another on its own platform as well as by using transfer from third-party exchanges namely FTX, BINANCE, etc.

WazirX Transactions ‘Cloaked In Mystery’

Chaudhary told Rajya Sabha that, “In one of the cases, investigation done so far has revealed that one Indian Crypto-exchange platform, Wazirx, operated by Zanmai Labs Private Limited in India was using the walled infrastructure of Cayman Island based exchange Binance.” He said, “Further it has been found that all crypto transactions between these two exchanges were not even being recorded on the blockchains and were thus cloaked in mystery,”

On the Flipside

  • According to media reports, WazirX said it has not been served a notice for money laundering. One of the two WazirX Founder, Nischal Shetty, tweeted saying no new information since June 2021 has come up.

Why You Should Care

WazirX founders have moved to Dubai, along with their families.

Similar stories on DailyCoin:

Indian Government Drives Crypto Exchanges to Leave for Singapore and Dubai

Continue reading on DailyCoin

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13-08-2022 15:26:08 (UTC+7)

EUR/USD

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EUR/USD

1.0261

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GBP/USD

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USD/JPY

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Natural Gas Futures

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US Coffee C Futures

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3,776.81

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S&P 500

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DAX

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Adidas AG

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 EUR/USD1.0261↑ Buy
 GBP/USD1.2135↑ Sell
 USD/JPY133.46↑ Sell
 AUD/USD0.7121↑ Sell
 USD/CAD1.2774↑ Buy
 EUR/JPY136.93Sell
 EUR/CHF0.9659↑ Sell
 Gold1,818.40↑ Buy
 Silver20.835↑ Buy
 Copper3.6783↑ Buy
 Crude Oil WTI91.88↑ Buy
 Brent Oil98.01Buy
 Natural Gas8.780↑ Buy
 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
 DAX13,795.85Neutral
 FTSE 1007,500.89Neutral
 Hang Seng20,175.62↑ Buy
 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
 Adidas173.20↑ Buy
 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,720
(0/ 0) # 1,655
SJC HCM6,660/ 6,760
(30/ 30) # 1,651
SJC Hanoi6,660/ 6,762
(30/ 30) # 1,653
SJC Danang6,660/ 6,762
(30/ 30) # 1,653
SJC Nhatrang6,660/ 6,762
(30/ 30) # 1,653
SJC Cantho6,660/ 6,762
(30/ 30) # 1,653
Cập nhật 13-08-2022 15:26:24
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ↀ Giá vàng thế giới
$1,801.89+12.740.71%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$91.88+0.550.60%
Brent$97.89+0.110.11%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.220,0023.530,00
EUR23.498,0024.813,92
GBP27.761,8728.945,83
JPY170,70180,72
KRW15,5018,89
Cập nhật lúc 15:21:16 13/08/2022
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