India’s Financial Watchdog Unfreezes WazirX Accounts After Exchange Cooperates

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India’s monetary watchdog has unfrozen the financial institution accounts of one of many nation’s largest cryptocurrency exchanges after it cooperated with investigations.

The federal Enforcement Directorate (ED) had been investigating WazirX for violating overseas alternate rules, throughout which it froze the alternate’s belongings price 646.70 million rupees ($8.16 million) final month.

Last month, the company stated it had carried out searches on one of many administrators of WazirX operator Zanmai Labs.

India’s WazirX cleared after cooperation

The ED had been conducting investigations on 16 fintech corporations and Instant mortgage apps over the previous yr, a few of which “occurred to make use of the WazirX platform,” in keeping with an announcement on the alternate’s webpage. 

While the corporate emphasised that it had no affiliation with any of the accused entities, it cooperated with investigators by offering “all the required particulars, data, and paperwork of the alleged accused corporations who used the WazirX platform.”

Upon inside investigation, the corporate acknowledged that many whose data had been sought by the ED had already been marked as suspicious and beforehand blocked from the platform.

In addition to the “lively cooperation” it prolonged to authorities, WazirX stated that the anti-money laundering (AML) measures that led to the blocking of those suspicious accounts, contributed to the unfreezing of the accounts by the ED.

The announcement concluded that WazirX would now be in a “place to proceed its banking operations as traditional.”

Binance-owned or not?

After Indian authorities had taken motion towards the alternate as a part of an AML probe, Binance CEO Changpeng Zhao denied that Binance had acquired the Indian crypto alternate.

Although the corporate had introduced the acquisition of WazirX in 2019, final month Zhao stated that the transaction had by no means been finalized.

Meanwhile, by the controversy, Nischal Shetty, co-founder of the alternate, continues to insist that WazirX was in truth acquired by Binance within the deal.

The post India’s Financial Watchdog Unfreezes WazirX Accounts After Exchange Cooperates appeared first on BeInCrypto.

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