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India’s Enforcement Department (ED) has unfrozen bank accounts of cryptocurrency exchange Wazirx, the company said. Accounts were frozen as part of a federal investigation into 16 fintech companies and instant loan apps.
Indian cryptocurrency exchange Wazirx announced Monday that its bank accounts have been unfrozen by the Enforcement Department (ED), the government’s law enforcement and economic intelligence agency.
The company said the ED is investigating 16 fintech companies and instant loan apps. While the cryptocurrency exchange emphasizes that Wazirx “is not affiliated with any of the accused fintech and instant loan app entities that appear to be the subject of the ED investigation,” some of these companies ” We happen to be using the Wazirx platform.
The Indian cryptocurrency exchange has stressed that it is “cooperating with investigators by providing them with all necessary details, information and documents of the accused companies” using its platform. .
The ED has unfrozen Wazirxs bank accounts due to the active cooperation extended by Wazirx and the proactive anti-money laundering (AML) checks that led to the blocking of suspicious accounts, said cryptocurrency trading. The location is detailed.
Wazirx is now in a position to continue banking as normal.
EDs announced freezing Wazirx’s bank assets in early August; Officials said the action was part of a money laundering investigation into non-bank financial firms (NBFCs) and their fintech partners for “predatory lending practices” that violated Reserve Bank of India (RBI) guidelines.
Wazirx further revealed Monday that a detailed internal investigation revealed:
Most of the users ED asked for information were already identified as suspicious inside Wazirx and were blocked in 2020-2021.
Following Wazirx, ED frozen $46 million worth of cryptocurrency and banking assets, a cryptocurrency platform backed by Peter Thiel. In August, the agency searched Crypto exchange Coinswitch Kuber. However, the exchange’s CEO said it had nothing to do with the money laundering investigation.
What are your thoughts on the ED unfreezing bank accounts of cryptocurrency exchange Wazirx? Let us know in the comments section below.
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