The company said India’s Enforcement Administration (ED) has expanded the bank account of cryptocurrency exchange Wazirx. The accounts have been frozen as part of a federal agency investigation into 16 fintech companies and instant loan applications.
Wazirx says its bank accounts are not currently frozen
Indian crypto exchange Wazirx said on Monday that the Department of Enforcement (ED), the Indian government’s economic intelligence and law enforcement agency, has unblocked its bank accounts. .
The company explained that the ED investigated 16 fintech companies and instant loan applications. While emphasizing that Wazirx “has no connection with any of the fintech institutions and instant lending apps that are allegedly the subject of an ED investigation,” the cryptocurrency exchange redundant acknowledged that some of these companies “accidentally used the Wazirx platform.”
The Indian crypto exchange emphasized that it “cooperated with investigators by providing them with all necessary details, information and documents of the alleged companies” that used use your platform.
“Due to the active cooperation extended by Wazirx and aggressive anti-money laundering (AML) checks leading to the locking of suspicious accounts, the ED has unlocked Wazirx bank accounts,” the exchange said. Cryptocurrency translation in detail, explained:
Wazirx can now resume banking as usual.
ED announced that it froze Wazirx’s bank assets in early August. The agency explained that the action was part of a money-laundering investigation into non-banking financial companies (NBFCs) and their opponents. their fintech partners for “pre-lending activities” in violation of Reserve Bank of India (RBI) guidelines.
Wazirx further clarified Monday that an in-depth internal investigation revealed:
Most of the users whose information was sought by ED were identified by Wazirx as internally suspicious and were blocked in 2020-2021.
Follow Wazirx, ED freeze $46 million worth of crypto and banking assets by Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched Coinswitch Kuber cryptocurrency exchange. However, the CEO of the exchange said that it is not involved in money laundering investigations.
What do you think about ED opening a bank account of cryptocurrency exchange Wazirx? Let us know in the comments section below.
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