India freezes assets of Binance-owned local unit WazirX

India's financial crime-fighting agency said on Friday that it has frozen the assets of WazirX, owned by the world's largest digital currency exchange Binance, as part of its investigation into suspected violation of foreign exchange regulations.

Timeline of Wazirx

The Indian Cryptocurrency Exchange, WazirX has landed under the radar of the Enforcement Directorate (ED). In the latest developments, the ED searched the premises of WazirX's Director.

WazirX, owned by Binance is under investigation for money laundering in India, with reports emerging that the Foreign Exchange Management Act of 1999 was broken by the India-based exchange, which runs as a separate division of Binance.

The Indian Directorate of Enforcement is investigating WazirX to determine whether it facilitated the laundering of 2,790 crore Indian rupees(over $350 million) through its platform, the country's Finance Minister, Pankaj Chaudhary, told local media. The post Binance-owned WazirX under investigation in India over alleged money laundering appeared first on CryptoSlate.

CryptoSlate recently caught up with Nischal Shetty, Founder of India's biggest crypto exchange WazirX to discuss layer 1s, the human role in blockchain, validator responsibilities, proof-of-stake governance, and decentralization. The post The inherent flaw of delegated proof-of-stake governance systems with Nischal Shetty, WazirX appeared first on CryptoSlate.

The swiftly growing user base of cryptocurrencies in India has pushed crypto to emerge as a big investment opportunity. People are rapidly moving from traditional modes of investment to crypto due to single-point access provided by crypto exchanges like Binance and WazirX.