After WazirX, Valud is Under ED's Radar – Decoding The Complete Truth

The Singapore-based crypto-exchange company – Valud has come under the radar of the Enforcement Directorate of India (ED), the anti-money laundering agency of the country.  ED in a press release stated that it had conducted a search at the Bangalore office of Valud and has frozen assets worth Rs. 370 crores (approximately $46 million).

Timeline of Wazirx

On Thursday, reports underlined that the Indian Enforcement Directorate (ED) blocked bank assets worth Rs 370 crore (around $46 million) that belonged to the troubled crypto exchange Vauld. The post India: After WazirX, ED Attaches Assets Worth $46M From Crypto Exchange Vauld appeared first on BeInCrypto.

Last week, the Enforcement Directorate (ED) commenced an investigation on one of the directors of Zanmai Labs Pvt Ltd and froze Rs. 64.47 Crore worth of bank assets belonging to the company. The situation continued to worsen from here. Binance removed the off-chain crypto transfer to WazirX, which was a sought-after feature amongst the users.

India's Enforcement Directorate, which investigates financial crime, has frozen WazirX bank accounts while it looks at transfers from instant loan companies to international wallets.

The central agency Enforcement Directorate (ED) recently probed WazirX and froze its bank accounts worth Rs 64.67 crore.  WazirX was investigated over a money-laundering case involving an amount of Rs 2,790 crore. The crypto exchange platform, co-operated by India-headquartered Zanmai Labs and Cayman Islands-based Binance, has now reacted to the money laundering allegations.

The move means WazirX and Binance users won't be able to use the off-chain option to send crypto between the two entities. The post Binance disables off-chain transfers between itself and WazirX appeared first on The Block.

WazirX, India's largest cryptocurrency exchange, is in hot water. On Friday August 5, India's economic crime unit the Enforcement Directorate issued a freezing order on the platform's INR 64.67 Crore (US$8.1mln) of assets while it conducts an investigation into money laundering and predatory lending practices within the company.

The world's largest crypto exchange Binance on Monday said it will cease the off-chain fund transfer channel between WazirX and Binance. The move comes after some users claim that funds deposited in WazirX were managed by Binance.

Binance CEO has claimed that his firm never finalized the deal to acquire major Indian crypto exchange WazirX.  Binance Turns Away From WazirX Binance CEO Changpeng Zhao has again stirred controversy with his comments about the Indian crypto exchange.

A bitter dispute about the ownership of WazirX, an Indian crypto exchange that is being probed by the nation's law enforcers over suspected money laundering allegations, has descended into a Twitter-based face-off between the Binance CEO Changpeng “CZ” Zhao and the WazirX Founder Nischal Shetty.

Binance CEO Changpeng Zhao denied that the exchange had acquired Indian crypto exchange WazirX following an AML probe on the latter. The post Binance CEO Denies Claim that the Exchange Owns WazirX appeared first on BeInCrypto.