Trouble Deepens for WazirX in India as ED Raids Director & Freezes Bank Accounts

On August 5, the Enforcement Directorate (ED) froze the bank account of one of the directors of Zanmai Lab Private Ltd, the operator of the Indian cryptocurrency exchange WazirX. The post Trouble Deepens for WazirX in India as ED Raids Director & Freezes Bank Accounts appeared first on BeInCrypto.

Timeline of Wazirx

India has reportedly frozen the assets of cryptocurrency exchange platform WazirX, a Mumbai-based crypto firm Binance acquired in November 2019. On Friday, the federal Enforcement Directorate (ED), the agency tasked with fighting financial crime in the country, revealed it froze 646.70 million rupees (roughly $8.16 million, £6.75 million) worth of assets belonging to the exchange.

Binance co-founder and CEO Changpeng Zhao said the company never completed an announced acquisition of WazirX after news that Indian authorities had frozen about $8 million in funds belonging to the startup. The post Binance CEO says firm never completed WazirX purchase after funds frozen appeared first on The Block.

Hours after the scrutiny of India's Enforcement Directorate (ED) on WazirX, Binance CEO CZ responded on its relation with WazirX. After raiding the premises of WazirX, the authorities froze the exchange's bank assets over allegations of money laundering.

Shardeum, a blockchain scaling project, is raising funds at a $200 million valuation, sources tell The Block. The post WazirX CEO's project Shardeum is raising funds at a $200 million valuation appeared first on The Block.

On Friday, the Enforcement Directorate (ED) announced that it had frozen bank transfers worth Rs 64.67 crore as part of a money laundering investigation against cryptocurrency exchange WazirX. For a while, the crypto exchange has been under scrutiny.

India's Enforcement Directorate has frozen WazirX's bank balances worth around $8 million. The agency has been investigating WazirX for its alleged role in money laundering. The post Binance-owned exchange WazirX's bank balances frozen by Indian authorities appeared first on The Block.

India's Enforcement Directorate (ED) has ordered the freeze of a WazirX bank account with Rs 64.67 crore (roughly $8.1 million) in connection with a money laundering investigation, IndiaToday reported August 5. The post India freezes 64.67 crore ($8.1M) of WazirX's funds for money laundering probe appeared first on CryptoSlate.

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.

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.