Indian Authorities Unfreeze Wazirx’s Bank Accounts, Says Crypto Exchange CryptoBlog

0

India’s Law Enforcement (ED) Directorate has unblocked the bank accounts of cryptocurrency exchange Wazirx, the company said. The accounts were frozen as part of the federal agency’s investigation into 16 fintech companies and instant loan apps.

Wazirx says his bank accounts are now unblocked

Indian cryptocurrency exchange Wazirx said on Monday that the Enforcement Directorate (ED), the Indian government’s law enforcement and economic intelligence agency, has unblocked its bank accounts.

The company explained that the ED investigated 16 fintech companies and instant loan apps. While emphasizing that Wazirx has “no association with any of the allegedly accused fintech and instant lending app entities that appear to be under ED investigation,” the crypto exchange acknowledged that some of these companies “have used the Wazirx platform”.

The Indian crypto exchange stressed that it “cooperated with investigators by providing them with all necessary details, information and documents from the allegedly accused companies” that used its platform.

“Due to extensive active cooperation by Wazirx and active Anti-Money Laundering (AML) checks that led to the blocking of suspicious accounts, ED has unblocked Wazirx’s bank accounts,” the exchange detailed. crypto, specifying:

Wazirx is now able to continue banking as usual.

The ED announced that it had frozen Wazirx’s bank assets in early August. The agency explained that the action was part of its investigation into money laundering of non-bank financial companies (NBFCs) and their fintech partners for “predatory lending practices” in breach of Reserve Bank of India guidelines. (RBI).

Wazirx further clarified on Monday that a thorough internal investigation revealed:

Most of the users whose information was sought by ED were already identified as suspects by Wazirx internally and were blocked in 2020-2021.

After Wazirx, the ED froze crypto and banking assets worth $46 million from Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched the crypto exchange Coinswitch Kuber. However, the exchange’s CEO said it was not linked to any money laundering investigations.

What do you think of ED unlocking Wazirx crypto exchange bank accounts? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Source link

Share.

Comments are closed.