WazirX founder says hasn’t obtained any ED discover on cash laundering

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MUMBAI: India’s largest cryptocurrency trade WazirX stated that it’s but to obtain any present trigger discover from the Enforcement Directorate for alleged Foreign Exchange Management Act violations.

Earlier immediately, the Enforcement Directorate issued a press launch that stated the federal government company has issued a present trigger discover to Nishcal Shetty and Sameer Mhatre for cryptocurrency transactions value Rs 2,790.7 crore that violated FEMA guidelines.

“WazirX is yet to receive any show cause notice from the Enforcement Directorate as mentioned in today’s media reports. WazirX is in compliance with all applicable laws,” the trade’s founder and chief govt officer Nischal Shetty stated in a collection of tweets on microblogging website Twitter.

During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime value Rs 57 crore roughly by changing INR deposits into cryptocurrency tether (USDT) after which transferring the identical to Binance (trade registered in Cayman Islands) wallets based mostly on directions obtained from overseas, the ED stated in its launch.

“WazirX does not collect the requisite documents in clear violation of the basic mandatory anti-money laundering and combating of financing of terrorism precaution norms and FEMA guidelines,” the federal government company alleged in its launch.

WazirX stated that it goes past authorized obligations by following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and has at all times offered data to regulation enforcement authorities every time required.

“We are able to trace all users on our platform with official identity information. Should we receive a formal communication or notice from the ED, we’ll fully cooperate in the investigation,” Shetty stated.



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