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23 June 2021

Binance-owned Indian exchange WazirX investigated for alleged AML failings

Binance-owned Indian exchange WazirX investigated for alleged AML failings


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The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India's Foreign Exchange Act (FEMA).

Law enforcement agents say that the exchange's clients are therefore able to transfer crypto to any other individual, irrespective of jurisdiction or nationality, without needing to provide the requisite documents

In the two follow-up tweets, Shetty wrote that WazirX goes “beyond our legal obligations by following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and have always provided information to law enforcement authorities whenever required.” He added that the exchange is therefore able to trace all users of the platform using official identity data

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