Bad news for those investing in Cryptocurrency, notice to Bitcoin exchange WazirX in money laundering case, wire related to China

ED notice to WazirX: If you invest in cryptocurrencies then this is bad news for you. The Enforcement Directorate has issued notices to India’s largest cryptocurrency exchange WazirX and its directors under the FEMA Act for money laundering. This case is related to the transaction of 2790 crores. The registered name of WazirX is Zanmai Labs Pvt Ltd which was established in December 2017.

Wazir X is a Domestic Cryptocurrency Start-up. Its directors are named Nischal Shetty and Hanuman Mahatre. Apart from the exchange, the ED has also issued notices to these two directors. According to a statement issued by the Enforcement Directorate, it has issued a notice regarding the FEMA investigation in connection with the investigation into a Chinese-owned illegal betting application.

Money laundering by converting Rs 57 crore into cryptocurrencies

During the investigation into the Chinese online betting case, the Enforcement Directorate found that the accused Chinese citizens converted 57 crore Indian currency into the cryptocurrency Tether (USDT) and then transferred the same to the Binance Wallet. This digital wallet is based in Cayman Islands. This game of money laundering was done on the basis of instructions received from abroad. Let us tell you that Binance acquired Wazir X in the year 2019.

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