Indian cryptocurrency exchange WazirX on Monday said that India’s Enforcement Directorate (ED) has unfrozen its bank accounts after the exchange’s “active cooperation” and “active anti-money laundering” checks led to blocking suspicious accounts.
India’s ED last month froze the accounts of the cryptocurrency exchange WazirX as part of a money laundering investigation. On Monday, the exchange announced that the agency had unfrozen the accounts following cooperation from the exchange, in what is undoubtedly been the latest positive crypto news to come from India in a long time. The move will allow WazirX to continue with its banking operations. WazirX’s blog post published on Monday stated that some of the 16 fintech companies and instant loan applications being investigated by the ED were using its platform. The exchange further reported that after an internal investigation, it flagged the accounts the ED wished to probe and blocked them as early as 2020 and 2021. The ED had faulted WazirX for their non-compliance with investigation requests for transaction details and documents of the alleged laundered and their entities. The blog post reads:
The company further clarified that it has no association with any of the alleged accused 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 misused.
WazirX has made it clear that it has a no-tolerance policy for illegal activities on its platform and asks users to use it for legal purposes. The company said, “On WazirX, the users undertake to operate as per all applicable laws.”
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