ED issues notice to WazirX for Cryptocurrency Transfer Worth Rs 2,791 Cr


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The Enforcement Directorate (ED) has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA (Foreign Exchange Management Act), 1999 for transactions involving cryptocurrencies worth ₹2,790.74 Cr. ED initiated FEMA investigation on the basis of the ongoing money laundering investigation into Chinese owned illegal online betting Applications, it said in a statement.


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''During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime worth ₹57 Cr approximately by converting the INR deposits into Crypto-currency Tether (USDT) and then transferring the same to Binance Wallets based on instructions received from abroad,'' ED said in a statement.

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