WazirX, the crypto exchange owned by Binance, is being investigated by the Enforcement Administration (ED) of the Ministry of Finance of India. According to The Economic Times, the agency considers the platform to be involved in currency violations and money laundering. 2790 crore (more than 350 million dollars).

“In one case, WazirX Cayman Islands used infrastructure located on Binance. All crypto transactions between these exchanges are not recorded”, Finance Minister Pankaj Chaudhary explained to the publication.

In another case, the platform has approved cryptocurrency exchange transactions of foreign users, including the participation of third-party exchanges.

WazirX reported that management was not aware of any claims from the regulator regarding compliance with the law.

Recall, for the first time, an investigation of the violation of the Foreign Exchange Management Act emerged in June 2021, owned by Binance.

Later, the media announced that authorities were examining the activities of applications managed by Chinese operators – some of the money was allegedly laundered through the bitcoin exchange.

In early 2022, the platform was accused of tax evasion in excess of $6 million.

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