New Development In The Investigation Of Cryptocurrency Exchanges Of Indian Security Forces!

According to the news of the Economic Times, which is based on people with knowledge on the subject, the Executive Directorate of India (ED) cryptocurrencies It is investigating at least 10 crypto exchanges for allegedly aiding money laundering through

The money laundering investigation gained attention recently after the ED raided the assets of a WazirX director. This sparked an online discussion between WazirX founder Nischal Shetty and Binance CEO Changpeng Zhao over whether Binance owns the Indian exchange.

Indian Authorities Estimate $130M Laundered To Chinese Firms Through Cryptocurrency Exchanges

The government agency estimates that the accused firms laundered more than Rupees 1,000, or about $130 million, in the instant loan application lawsuit, adding that most of the allegations are Chinese-related.

In a previous press release, the ED stated that it had “made a call to crypto exchanges” after a WazirX director raided its assets. The ET report adds that at least 10 exchanges are under investigation.

As noted in the report, according to the current findings of the investigation, the accused firms applied to exchanges to purchase cryptocurrencies worth Rs 100 crore (approximately $13 million), after which the tokens were sent to international wallets without due diligence or suspicious transaction reports (STRs).

In the discussion between Binance CEO and WazirX founder, Binance argued that WazirX only owns the domain name and that there are no acquisitions other than technical infrastructure.

*Not investment advice.