India-based crypto trading platform WazirX has said that the Enforcement Directorate (ED), has unfrozen its bank accounts allowing the company to continue banking operations.
In August, they conduct searches on one of the directors of Zanmai Labs, which operates WazirX in India and issue a freezing order to freeze their bank balances to the tune of Rs. 64.67 crores.
This was in relation to ED’s investigation of 16 fintech companies and Instant loan apps.
The crypto exchange announce in a tweet :
Update on ED investigation:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 12, 2022
The ED has unfrozen the bank accounts of WazirX. In cooperation with investigators, WazirX provided all necessary details & documents of the alleged accused companies that used the WazirX platform.
More on this 👇https://t.co/DU36aT2oJA
The exchange clarified in a blog post that :
“The Enforcement Directorate (ED) has been conducting investigations of 16 fintech companies and Instant loan apps. Some of them have happened to use the WazirX platform. WazirX has been cooperating with the investigators by providing them with all the details, information, and documents of the alleged accused companies using the WazirX platform.”
“The company further clarified that it has no association with any of the alleged accuse fintech and instant loan app entities which appear to be the subject of ED investigation, and is carrying out the KYC/AML checks despite having no legal obligation to do so. WazirX is like any other intermediary whose platform may have been misuse.”
News of the ED investigation led to Binance virtually disowning WazirX.
