Why is Indian crypto exchange wazirx under investigation?

Indian crypto exchange WazirX is under investigation by the country’s Enforcement Directorate (ED) for suspected violation of foreign exchange regulations. The ED said the exchange’s suspected violation of the country’s Foreign Exchange Management Act involved transactions worth 27.90 billion rupees ($381.93 million).

What is the Enforcement Directorate’s case against wazirx?

The Enforcement Directorate also freezing assets worth over $8 million from WazirX earlier this year, citing suspected violation of foreign exchange rule, and $46 million from the local entity of Vauld for facilitating “crime-derived” proceeds from predatory lending firms. Last month, it alleged that crypto exchange CoinSwitch violated forex laws.

Is wazirx facilitating money laundering in India?

Indian crypto exchange WazirX is under investigation by the country’s Enforcement Directorate. WazirX is suspected of facilitating money laundering, via transfers with Binance. Binance acquired WazirX in 2019, setting a precedent for global exchange entry into India.

What is wazirx in India?

WazirX is India's most trusted Bitcoin and cryptocurrency exchange & trading platform. Buy, Sell & Trade BTC, XRP, ETH, TRX, and 100+ cryptocurrencies in India at best prices. Start trading Now! Which is better, Coinbase or WazirX in India?