WazirX acusado de transacciones sospechosas por $ 383 millones
India's biggest cryptocurrency exchange, WazirX, got a warning from the Indian Enforcement Administration. She was indicted for breaking the Foreign Exchange Management Act, which manages all foreign activities and outside wages in the country.
The ancestor and director of a crypto exchange were charged with explaining doubtful transactions of Rs 28 billion (about $383 million). Department is sure that the WazirX management did not receive the needed documents, according to the KYC rule. In this case, transactions made without identification are prohibited.
An ED inquiry found that Chinese citizens were laundering criminals in the number of Rs 57 crores (Rs 1 crores = $10 million) with the help of the Indian exchange. They first converted their INR deposits to the equivalent of USDT and then send them to Binance's own wallets. WazirX got a total of Rs 8.8 billion (about $120 million) straight from the same Binance wallets over a period of time and send over Rs 14 billion $191 million) to them over the same time period.
WazirX, in turn, denies receiving any notices from the Indian department in response to questions from local media, claiming that it strictly follows the country's legislation. But given the fact that Binance obtained the Indian exchange back in 2019, the potential trail to the largest Chinese exchange is unlikely to surprise anyone. It remains to be seen whether the WazirX management received formal notification from ED or not.