It was also confirm from Indian Ministry of Finance that WazirX, the renown crypto exchange getting investigate for money laundering & for breaching forex rules. The reports also quoted about written reply for Pankaj Chaudhary that Directorate of the Enforcement now looks in the claims which is overall 2,790 Crore. It also laundered through WazirX, the cryptocurrency exchange.
WazirX was before also called for questioning for Binance!
WazirX that also acquired by global exchange in the year 2019. It was definitely one among various domestic exchanges that are under a scanner for the non-compliance through rules of foreign exchange & guidelines of money laundering. Also, Crypto had even mention in the reports in June & July. Best exchange executives were summoned through economic agency.
At the same time, ministry has assured about ED investigating this platform on two different cases. They involves cryptocurrency under provisions of FEMA Act.
Here, in one of such cases, investigation which done quite far has also revealed the fact that Wazirx. The Crypto-exchange platform, was using infrastructure of exchange Binance based on Cayman Island. Moreover, it has also found that various crypto transactions between such exchanges not getting recorded on blockchains and cloaked in the mystery.
Trouble expands for exchange
The minister confirms that in the different case. This also seen that Indian exchange even allowed the foreign users for the purpose exchange of cryptocurrency on its platform. It is through using transfers from different exchanges such as FTX and Binance.
Particularly, the co-founders of WazirX, also well reported to get move with the families this year because of new regime related to crypto taxation. Before this, executives had some kind of the distances from daily operations of the platform.