Indian Authorities Unfreeze Wazirx’s Bank Accounts, the Crypto Exchange Says – Exchanges Bitcoin News

India’s Enforcement Directorate (ED) has unfrozen the bank accounts of cryptocurrency exchange Wazirx, the company said. The accounts were frozen as part of the federal agency’s investigation into 16 fintech companies and instant loan apps.

Wazirx Says Its Bank Accounts Are Now Unfrozen

Indian cryptocurrency exchange Wazirx said Monday that the Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, has unfrozen its bank accounts.

The company explained that the ED has been investigating 16 fintech companies and instant loan apps. While emphasizing that Wazirx has “no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation,” the crypto exchange acknowledged that some of these companies “have happened to use the Wazirx platform.”

The Indian crypto exchange stressed that it “has been cooperating with the investigators by providing them with all the necessary details, information, and documents of the alleged accused companies” that used its platform.

“Due to the active cooperation extended by Wazirx and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, ED has unfrozen the bank accounts of Wazirx,” the crypto exchange detailed, elaborating:

Wazirx is now in a position to continue its banking operations as usual.

The ED announced that it had frozen the bank assets of Wazirx in early August. The agency explained that the action was part of its money laundering investigation into non-bank financial companies (NBFC) and their fintech partners for “predatory lending practices” in violation of the Reserve Bank of India (RBI) guidelines.

Wazirx further clarified Monday that an in-depth internal investigation has revealed:

Most of the users whose information was sought by ED were already identified as suspicious by Wazirx internally and were blocked in 2020-2021.

Following Wazirx, the ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched crypto exchange Coinswitch Kuber. However, the CEO of the exchange said that it was not related to money laundering investigations.

What do you think about the ED unfreezing the bank accounts of crypto exchange Wazirx? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source

Spread the love

Related posts

Leave a Comment