WazirX, one of the largest Indian crypto exchanges on Monday announced that they had received relief from the Enforcement Directorate (ED). After cooperating with the anti money laundering agency, crypto exchange bank accounts have been unfrozen.
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As per the release, WazirX provided all the required details and documents to the investigators. It mentioned that they submitted all docs of accused companies that used their platforms.
The ED is conducting an investigation of around 16 fintech companies and some instant loan applications, it added. However, some of those firms were caught using WazirX for transferring firms.
WazirX highlighted that they have no tolerance policy towards any unlawful activities. However, it also mandates the users to use it for legal activities only.
Coingape reported that WazirX Director’s premises were searched by the ED before freezing their accounts. The anti money laundering agency went on to freeze bank assets worth around Rs 65 crore ( approx $8.13 million). ED claimed that funds were bought and transferred via digital assets.
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However, earlier, Pankaj Chaudhary, an Indian lawmaker claimed the ED was conducting searches into two cases around WazirX. The charges applied included violating the Indian Foreign Exchange Management Act (FEMA).
Meanwhile, WazirX has claimed that it holds no association with any alleged accused company or applications. It mentioned that the exchange is carrying out all the required KYC/AML checks. However, there is no obligation to do so.
The exchange claims that it is like any other intermediary which has been misused by outside agents.
CZ, Binance head and Nischal Shetty, WazirX CEO were also induced in a war of words over the internet.
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