WazirX exchange is accused of money laundering, according to a statement made by the Finance Minister of India recently.
Member of the People’s Assembly of India Pankaj Choudharyin a written statement to the Indian Parliament WaxirX through the stock exchange 2,790 crore (approximately $350 million) worth two cases of money laundering He said they were looking into it.
in India approx. 15-20 million active cryptocurrency users and the government is hardening its stance on cryptocurrencies day by day. in 2019 WazirX acquired by Binanceis reportedly one of the few local exchanges under scrutiny by the Ministry of Finance of India for failing to comply with foreign exchange regulations and money laundering rules. Last June and July, senior executives of WazirX exchange talked about the subject. He was summoned by the prosecutor’s office to testify.. In line with the statement made on 2 August, the ministry’s The Foreign Exchange Management Act of 1999 (FEMA) It has been confirmed that it has started an investigation into the stock market.
The statement made by the Ministry of Finance included the following statements:
It was also determined that not all crypto transactions in this case were recorded on the blockchain and were therefore hidden for some unknown reason.
Allegedly, assets worth 350 million were transferred by WazirX exchange to unknown wallets abroad without justification. Also, as part of the lawsuit, the WazirX exchange non-registered foreign users Tertiary exchanges like Binance and FTX The reasons for allowing “converting” and “trading” cryptocurrencies over the internet are being investigated.
The statement made by WazirX exchange officials on the subject contradicts the allegations:
Zanmai Labs Pvt Ltd has taken legal action against these businesses. There is no abuse of power. We deny the accusations.