Binance-owned Indian exchange WazirX suspected of laundering $350 million

Binance-owned cryptocurrency exchange WazirX is under investigation by the Enforcement Administration (ED)) Ministry of Finance of India. According to The Economic Times, the agency considers the platform involved in currency violations and money laundering in the amount of 2,790 crore (more than $350 million).

“In one case, WazirX used infrastructure based in the Cayman Islands, Binance. All crypto transactions between these exchanges were not registered”,- Finance Minister Pankaj Chaudhary explained to the publication.

In another case, the platform approved the transactions of foreign users for the exchange of cryptocurrencies, including with the participation of third-party exchanges.

WazirX reported that the management is not aware of any claims from the regulator regarding compliance with the law.

Let us remind you that the investigation into violation of the Binance-owned exchange under the Foreign Exchange Management Act first became known in June 2021. 

Later, the media clarified that the authorities were studying the activities of applications managed by Chinese operators - some of the money was allegedly laundered through the bitcoin exchange.

In early 2022, the platform was accused of tax evasion in excess of $6 million.

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