Indian authorities unfreeze Wazirx’s bank accounts, crypto exchange says – Bitcoin Exchange News

Indian authorities unfreeze Wazirx’s bank accounts, crypto exchange says – Bitcoin Exchange News

India’s Enforcement Directorate (ED) has unfrozen the bank accounts of cryptocurrency exchange Wazirx, the company said. The accounts were frozen as part of a federal agency investigation into 16 fintech companies and instant loan apps.

Wazirx says his bank accounts are now unfrozen

Indian cryptocurrency exchange Wazirx said on Monday that the Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, has unfrozen its bank accounts.

The company explained that the ED is investigating 16 fintech companies and instant loan apps. Noting that Wazirx has “no connection to any of the alleged accused fintech and instant loan apps that appear to be the subject of the ED investigation”, the crypto exchange admitted that some of these companies “incidentally used the Wazirx platform”.

The Indian crypto exchange emphasized that it “cooperated with the investigators by providing them with all necessary details, information and documents of the alleged accused companies” that used its platform.

“Due to the active cooperation provided by Wazirx and active Anti-Money Laundering (AML) checks leading to the blocking of suspicious accounts, the ED has unfrozen the bank accounts of Wazirx,” the crypto exchange detailed, elaborating:

Wazirx is now in a position to continue its banking operations as usual.

ED announced that it froze Wazirx’s bank assets in early August. The agency explained that the action was part of its investigation into money laundering at non-banking financial companies (NBFCs) and their fintech partners for “predatory lending practices” that contravene Reserve Bank of India (RBI) guidelines.

Wazirx further clarified on Monday that an in-depth internal investigation revealed:

Most of the users whose information was requested by ED Wazirx have already been internally identified as suspicious and have been blocked in 2020-2021.

Following Wazirx, ED he froze crypto and banking assets worth $46 million of Vauld, a Peter Thiel-backed crypto platform. In August, the agency asked for crypto exchange Coinswitch Kuber. However, the stock exchange director said it was not related to money laundering investigations.

What do you think about ED unfreezing crypto exchange Wazirx bank accounts? Let us know in the comments section below.

Indian authorities unfreeze Wazirx’s bank accounts, crypto exchange says – Bitcoin Exchange News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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