What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Indian Authorities Unfreezes Bank Account of Crypto Exchange, WazirX 
    News

    Indian Authorities Unfreezes Bank Account of Crypto Exchange, WazirX 

    Anietie DavidBy Anietie DavidSeptember 12, 2022Updated:September 12, 2022No Comments2 Mins Read
    Indian Authorities Unfreezes Bank Account of Crypto Exchange, WazirX 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The business bank account of cryptocurrency exchange WazirX has been “unfrozen” or reactivated by India’s Enforcement Directorate (ED) more than a month after it was frozen by the organization, the firm stated on Monday.

    According to a statement from the exchange posted on Monday, the Enforcement Directorate of India (ED) has unfrozen the bank accounts of the Indian cryptocurrency exchange WazirX. The ED blocked the exchange’s bank account last month as part of an ongoing probe into alleged fraud on rapid loan applications, which provide short-term loans. The WazirX platform had been used by some of the 16 fintech firms under investigation, the business claimed in a blog post on Monday. 

    ED searches the Director of WazirX Crypto-Currency Exchange & freezes its Bank assets worth Rs 64.67 Crore for assisting accused Instant Loan APP Companies in laundering of fraud money via purchase & transfer of virtual crypto assets.

    — ED (@dir_ed) August 5, 2022

    According to WazirX, it has been helping local authorities with their Anti-Money Laundering (AML) investigation by supplying all the required paperwork and information. However, the exchange declared that it had zero tolerance for any unlawful activity on the site.

    It further stated that WazirX has barred the majority of the targeted users in the ED probe in 2020–2021 after flagging them as suspicious. According to WazirX, the matter is still being investigated, but money has been released because no suspicious behavior has been discovered. 

    What Led to the Seizure

    Since the ED first disclosed the probe on August 5, money in WazirX bank accounts has been frozen. The exchange was being investigated by the ED in 2021 for allegations of money laundering involving earnings from unlawful online gambling linked to Chinese organizations. The total amount of the monies that were locked out was $8.1 million.

    This time, WazirX was not the only cryptocurrency exchange targeted by the government’s crackdown. In all, $46.4 million in Yellow Tune’s bank accounts and balances from the cryptocurrency exchange Flipvolt were frozen by the ED on August 12. The corporation was charged with being a front for Chinese organizations, and the charges allegedly involved money laundering.

    Authorities stated that the money would not be available until the exchange could explain the illegal gains it sent abroad. After the Indian government announced onerous new crypto tax legislation that went into force earlier this year, these probes started to mount.

    Blockchain India WazirX
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleThai SEC Places Strict Regulations on Crypto Market 
    Next Article How to Diversify Your Investments
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.