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26 July 2021

Indian regulator probes crypto exchange for alleged forex law violations

Indian regulator probes crypto exchange for alleged forex law violations


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In the latest run-in with the government, the Directorate of Enforcement (ED) issued a show-cause notice to WazirX for allegedly violating the Foreign Exchange Management Act in relation to transactions worth 2,790.74 crore rupees (~$372 million).

Sighting a violation of the law of the land, the notice issued to WazirX is based on claims that “one needs to be sure that this money isn’t cheap money (cheap money is low-interest loan) or dirty money (used for illegal activities).”.

Previously, India’s traditional banking giant, ICICI Bank, had also issued a warning to its remittance users to not use the platform for crypto transfers nor invest any fiat currency that may have affiliations to crypto investments in the past.

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