ED issues show cause notice to WazirX for transactions involving cryptocurrencies worth Rs 2,790 cr, BFSI News, ET BFSI
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The Enforcement Directorate has issued show cause notice to WazirX Cryptocurrency exchange and its directors Nischal Shetty and Sameer Hanuman Mhatre under Foreign Exchange Management Act for transactions involving cryptocurrencies worth Rs 2790.74 crore.
ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transaction… https://t.co/dcU8XlOugB
— ED (@dir_ed) 1623397497000
ED had initiated FEMA investigation into Chinese owned illegal online betting applications and during the course of the investigation ED observed that the accused Chinese nationals had laundered proceeds of crime worth Rs 57 crore approximately by converting the INR deposits into crypto-currency Tether (USDT) and then transferring the same to Binance (exchange registered in Cayman Islands) Wallets based on instructions received from abroad.
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