Breaking: Indian Crypto Exchange Faces Money Laundering Criminal Investigation

The Enforcement Directorate (ED), an economic intelligence agency responsible for enforcing economic laws in India, together with its executives, today released a reason for show announcement to the Wazirx crypto exchange regarding crypto transactions amounting to 2,790.74 crore ($38.18 million). The ED has issued a Notice of Reason to WazirX Crypto-currency Exchange for a 1999 FEMA violation for transactions involving cryptocurrencies worth Rs. 2790.74 Crore. — ED (@dir_ed) June 11, 2021 Crypto exchange notified for violating money laundering laws under the Foreign Exchange Management Act (FEMA) of 1999. The notification concerned another ongoing investigation into an "illegal" online gambling practice in the hands of the Chinese. The article Breaking: Indian Crypto Exchange Facing Money Laundering Crimes Investigation first appeared on Coingape.

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