According to a note by the Enforcement Directorate, WazirX was being used by foreigners to launder gambling proceeds. The ED says that Chinese nationals used the crypto exchange to launder Rs. 57 crore, and noted that users can transfer money without proper documentation.
Read more about Yet to receive any ED notice, your funds are absolutely safe, says WazirX on Business Standard. "WazirX is yet to receive any show-cause notice from the Enforcement Directorate as mentioned in today s media reports. WazirX is in compliance with all applicable laws," the company said.
The enforcement directorate (ED) has issued a show cause notice to India’s biggest cryptocurrency exchange WazirX and its directors for contravention of Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs2,790.74 crore.
As per ED, users of WazirX received cryptocurrency worth Rs 880 crore via its pool account from Binance accounts and transferred out cryptocurrency worth Rs 1,400 crore to Binance accounts during its probe
The Indian government is reportedly mulling over classifying Bitcoin as an asset class of its own. This will make it easier for Indians to trade in it by giving