Asian in distress cryptocurrency Credit institution Vauld said in a press release on Saturday that it “strongly opposes” some of its assets freezes by Indian authorities.
The Executive Director of India (ED) had frozen 3.7 billion rupees ($46 million) of the company’s assets. The financial crimes investigator said the asset freeze was linked to a money laundering case.
In his Statement, Vauld Says He Complied With The Calls Of The Indian Enforcement Directorate and Denies The Charges
In Vauld’s statement, it was stated that the crypto lending company considered and complied with the Enforcement Directorate calls to provide certain documents to the investigators.
He added that the freeze order was linked to an account belonging to a former customer of the platform, which has since been deactivated. Vauld also said it followed strict client identification protocols and expressed disappointment with the enforcement process.
In a statement released today, the company said:
“We seek legal advice on our best course of action to protect the interests of the company, its customers and all stakeholders. We are fully cooperating with the Enforcement Directorate and will continue to expand our cooperation to ensure we remain a safe place for our customers to transact and own cryptocurrencies.”
Vauld is one of many crypto lenders currently facing a liquidity crisis. The company stopped customer withdrawals in July and owed its creditors $402 million. The crypto lender received a three-month moratorium from the Singapore Supreme Court as it sought a forward way to resolve its financial issues.
*Not investment advice.
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