HomeBitcoinMillions in frozen WazirX bank accounts are released by Indian authorities

Millions in frozen WazirX bank accounts are released by Indian authorities

-

Local law enforcement agencies were looking into the Indian cryptocurrency exchange on claims of money laundering, which led to the freezing of more than $8.1 million in bank account balances.

According to a statement from the exchange posted on Monda, the Enforcement Directorate of India (ED) has unfrozen the bank accounts of the Indian cryptocurrency exchange WazirX.

According to WazirX, it has been helping local authorities with their Anti-Money Laundering (AML) investigation by supplying all the required paperwork and information. The inquiry focused on 16 fintech businesses and fast loan applications, some of which asked the exchange for services.

However, the exchange declared that it had zero tolerance for any unlawful activity on the site. It further stated that WazirX has barred the majority of the targeted users in the ED probe in 2020–2021 after flagging them as suspicious.

However, funds have been released after no suspicious activity was discovered, with “no more comment at this time.”

Since the ED first disclosed the probe on August 5, money in WazirX bank accounts has been frozen. The total amount of the monies that were locked out was $8.1 million.

 

WazirX was accused by the ED of processing $130 million in transfers of money to wallets that were being looked into for engaging in criminal activity. Through a public statement from CZ on Twitter in response to the claims, Binance, which once attempted to acquire the business in 2019, distanced itself from the exchange.

Before the recent action, the exchange was being investigated by the ED in 2021 for allegations of money laundering involving earnings from unlawful online gambling linked to Chinese organizations.

This time, WazirX was not the only cryptocurrency exchange targeted by the government’s crackdown. In total, $46.4 million in Yellow Tune’s bank accounts and balances from the cryptocurrency exchange Flipvolt were frozen by the ED on August 12. The corporation was charged with being a front for Chinese entities, and the charges also involved money laundering.

Authorities stated that the money would not be available until the exchange could give an explanation for the illegal gains it sent abroad.

After the Indian government announced onerous new crypto tax legislation that went into force earlier this year, these probes started to mount.

Leave a Reply

LATEST POSTS

Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us

0FansLike
3,691FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: