India reportedly investigating Binance case in China money laundering case

Indian authorities are reportedly investigating the Binance cryptocurrency exchange in connection with an ongoing money laundering case that brought in 10 billion rupees ($134 million) in China.

Binance regulation issues continue
India is reportedly investigating whether Binance’s global cryptocurrency exchange was involved in a Chinese money laundering scheme related to its betting practices, local media reported on Friday, citing people familiar with the matter.

The country Enforcement Agency (ED), a law enforcement agency within the Finance Ministry, has urged Binance executives to be questioned because the case is still being investigated.

The business revolves around bidding practices run by Chinese operators. They would raise more than 10 billion rupees in the last ten months. They were suspected of laundering some of the money through the local Indian crypto exchange WazirX, which was acquired by Binance in 2019.

Responding to this news, Binance said in a statement:

July June or July of this year, we did not receive subpoenas. According to publicly available information, the subpoena was sent only to Wazirks.

Change said:”the safety and protection by providing better service to our users around the world and to promote sustainability of the sector regulators, law enforcement and we work in close Sunday with the leader.”

A growing number of regulatory agencies around the world are warning Binance to operate without permission within their jurisdiction. These include decommissioning agencies, Malaysia, Japan, the United Kingdom, the Cayman Islands, Hong Kong, Thailand, Germany and Italy.

Commenting on the increased regulatory controls, Binance Chief Executive Changpeng Zhao said the company was looking for a highly compliant CEO and that Binance wanted to get licenses everywhere and become a financial institution.

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