Indian authorities release millions from locked WazirX bank accounts
The Indian crypto exchange was being investigated by local authorities for money laundering allegations which prompted the freezing over $8.1 million in funds in bank accounts.
The Law Enforcement Directorate of India (ED) has unblocked the bank accounts of Indian crypto exchange WazirX, according to a statement from the exchange posted on Monda.
WazirX claims to have cooperated with local authorities during their Anti-Money Laundering (AML) investigation by providing all necessary documents and requested details. The survey targeted 16 fintechs and instant lending apps, some of which solicited the exchange's services.
The exchange, however, has stated that it has a stance of non-tolerance towards any illegal activity on the platform. Additionally, he said most of the users targeted in the ED investigation had already been flagged as suspicious by WazirX and blocked in 2020-2021.
WazirX told Cointelegraph that the matter was still under investigation, but the funds were released as no suspicious activity was discovered, with no "further comment at this time".< /p>
Funds in WazirX's bank accounts had been frozen since August 5, when the ED first announced the investigation. The blocked funds totaled over $8.1 million.
ED seeks director of WazirX Crypto-Currency Exchange and freezes his bank assets worth Rs 64.67 Crore for helping companies instant loan app companies accused of laundering money fraud through the purchase and transfer of virtual crypto assets.
— ED (@dir_ed)
The Indian crypto exchange was being investigated by local authorities for money laundering allegations which prompted the freezing over $8.1 million in funds in bank accounts.
The Law Enforcement Directorate of India (ED) has unblocked the bank accounts of Indian crypto exchange WazirX, according to a statement from the exchange posted on Monda.
WazirX claims to have cooperated with local authorities during their Anti-Money Laundering (AML) investigation by providing all necessary documents and requested details. The survey targeted 16 fintechs and instant lending apps, some of which solicited the exchange's services.
The exchange, however, has stated that it has a stance of non-tolerance towards any illegal activity on the platform. Additionally, he said most of the users targeted in the ED investigation had already been flagged as suspicious by WazirX and blocked in 2020-2021.
WazirX told Cointelegraph that the matter was still under investigation, but the funds were released as no suspicious activity was discovered, with no "further comment at this time".< /p>
Funds in WazirX's bank accounts had been frozen since August 5, when the ED first announced the investigation. The blocked funds totaled over $8.1 million.
ED seeks director of WazirX Crypto-Currency Exchange and freezes his bank assets worth Rs 64.67 Crore for helping companies instant loan app companies accused of laundering money fraud through the purchase and transfer of virtual crypto assets.
— ED (@dir_ed)What's Your Reaction?
