Cryptocurrency exchange WazirX under investigation by security authorities in India
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Answer Cryptocurrency exchange WazirX under investigation by security authorities in India
According to a reportReutersThe Financial Crimes Control Authority of India (ED) has contacted the executives of crypto exchange platform WazirX to investigate transactions worth 28 billion rupees ($382 million).
The authority accused the platform operators of failing to collect the documents required to perform Know-You-Customer (KYC) checks.
Hence, they are suspected of violating foreign exchange regulations.
According to a representative of WazirX, they have not actually received any official documents yet.
What was made by a representative of the “WazirX” platform is the following:
WazirX has not yet received any offer notice from the Enforcement Department as stated in today’s media reports.
Read:Find out the number of active Bitcoin addresses in 2020 … and what does its rise mean?
WazirX complies with all applicable laws.
We adhere to our legal obligations to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures and always provide information to law enforcement authorities whenever required.
We are able to track all users on our platform with official identification information.
If we receive an official communication or notification from the executive, we will fully cooperate in the investigation.
The world’s second most populous country has a somewhat controversial history with the cryptocurrency space, beginning a few years ago when the country’s central bank banned organizations and banks from dealing with cryptocurrencies.
Although the Supreme Court of India reversed this directive, the Reserve Bank of India (RBI) frequently sends out warnings against bitcoin and cryptocurrencies.
Recently there has been positive news that India is now considering abandoning its plans to ban cryptocurrencies, and instead, the government is looking into making it an asset class.
Read:Quietly and quietly…Cryptocurrency exchange Gemini is laying off more than 60 employees
Insider sources: India may classify Bitcoin as an asset class
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