Enforcement Directorate Freezes Rs 64-Crore Funds Of WazirX For ‘Assisting’ Alleged Money Laundering

“The lax KYC norms, loose regulatory control of transactions between WazirX and Binance, non-recording of transactions on blockchains to save costs and non-recording of the KYC of the opposite wallets has ensured that WazirX is not able to give any account for the missing crypto assets,” the ED said. It has made no efforts to trace these crypto assets. By encouraging obscurity and having lax anti-money laundering norms, it (WazirX) has actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route, it said.

Leave a Comment