The country's largest cryptocurrency exchange, ED, is on the radar of buying and selling cryptocurrencies like Bitcoin. The ED has filed a case against the exchange in a multi-billion rupee case. A causal notice has been issued to the country's largest cryptocurrency exchange. The notice was issued to the exchange for violating the provisions of FEMA (Foreign Exchange Management Act) in a transaction of Rs 50 crore.
The Exchange WazirX was established in December, 2014 by Zanmai Labs Pvt. Ltd. It was formed as a domestic cryptocurrency startup. The notices issued by the Central Investigation Agency at the end of the probe also include the names of Nischal Sethi and Hanuman Mahatre, directors of the exchange.
The ED said the company came to know about the transaction during an investigation into money laundering related to an online betting app owned by a Chinese citizen.
The ED said the causal notice was in connection with a transaction worth Rs 20.5 crore. The ED said the probe found that the Chinese nationals had laundered Rs 3 crore in criminal earnings by converting Indian rupee deposits into cryptocurrency tether (USDT). It was then transferred to Baines (a registered exchange in Cayman Islands) wallet.
Binance bought WazirX in 2014. ED alleges that MinisterX allowed extensive transactions through cryptocurrency. WazirX allowed this without obtaining the required documents in violation of anti-money laundering and anti-terrorism laws and FEMA.
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