India Freezes More Crypto as Investigation Involving Crypto Exchanges Binance and Wazirx Deepens

India freezes more cryptocurrencies including Bitcoin and Tether as investigation into Binance and Wazirx deepens – Bitcoin News Regulator

India’s Enforcement Directorate (ED) says it has frozen more cryptocurrencies, including Bitcoin, Tether and the Wazirx token. This action is part of his investigation into the E-nuggets gaming app. In its latest announcement, the ED revealed that approximately 86 bitcoins found on crypto exchange Binance have been frozen.

Indian authorities are freezing more cryptocurrencies: Bitcoin, Tether and Wazirx Token

Indian Enforcement Directorate (ED) announce On Friday, it froze two more cryptocurrencies under the country’s Money Laundering Prevention Act (PMLA). ED is the Indian government’s law enforcement and economic intelligence agency. Ad details:

The Enforcement Directorate (ED) has frozen cryptocurrencies WRX (Wazirx utility token) and USDT (Tether, the Ethereum token linked to the value of the US dollar) equivalent to Rs 47.64.

India Freezes More Cryptocurrencies Including Bitcoin and Tether as Investigation Deepens Including Binance and Wazirx

The ED has launched a money laundering investigation of Amir Khan and others in relation to electronic nuggets on the basis of the FIR dated February 15, 2021.

Aamir Khan, S/o Nesar Ahmed Khan launched E-Nuggets, “which are designed for the purpose of defrauding the public,” the Indian authority said. “Furthermore, after collecting a large amount of audience, all of a sudden, the withdrawal from the aforementioned application stopped, under the pretext of one excuse and another.”

The agency explained that its investigations revealed that the accused transferred the amount earned through the E-nuggets gaming application using a cryptocurrency exchange, explaining:

An amount equivalent to Rs 47.64 lakh was found in the Wazirx (cryptocurrency exchange) wallet of Amir Khan and his associates and the same amount was frozen under the PMLA.

In addition, Ed pointed out that during the earlier searches against Amir Khan, Rs 17.32 crore in cash was found and confiscated from the apartment buildings.

Indian Authority Freezes More Bitcoin on Binance

The most recent announcement from the ED states:

85,91870554 bitcoins equivalent to $1,674,255.7 (equivalent to approximately 13.56 rupees according to the market exchange rate) in Binance’s exchange balance have been frozen.

In an earlier announcement, the ED said that it has frozen 77.62710139 bitcoins on Binance. This means that the ED froze 8.29160415 more BTC.

Binance is believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently said that the acquisition was “never completed”, emphasizing that “Binance has never – at any time – owned any shares in Zanmai. Labs, the entity running Wazirx”.

ED froze Wazirx’s banking assets of more than $8 million in August. However, earlier this month, Wazirx said that its bank accounts had been unfrozen. After Wazirx, ED froze $46 million in crypto and banking assets from Vauld, a crypto platform backed by Peter Thiel. In August, the agency researched crypto exchange Coinswitch Kuber. However, the CEO of the exchange said that it was not a matter of money laundering investigations.

What do you think about Indian authorities freezing more cryptocurrencies amid money laundering investigations? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

#India #freezes #cryptocurrencies #including #Bitcoin #Tether #investigation #Binance #Wazirx #deepens #Bitcoin #News #Regulator

Leave a Comment

Your email address will not be published. Required fields are marked *