ED says accused Chinese nationals had laundered proceeds of crime worth around Rs 57 crore by converting INR deposits into cryptocurrency USDT and then transferring the same to Binance accounts
The ED had initiated FEMA investigation on the basis of the ongoing money laundering investigation into Chinese owned illegal online betting applications.
The Enforcement Directorate issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA).
Read more about ED slaps FEMA notice against India s largest crypto exchange WazirX on Business Standard. The show cause notice is for transactions worth Rs 2,790.74 crore, the ED said.