{"id":65343,"date":"2022-08-04T17:14:29","date_gmt":"2022-08-04T14:14:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65343"},"modified":"2025-09-06T19:24:12","modified_gmt":"2025-09-06T16:24:12","slug":"binance-owned-indian-exchange-wazirx-suspected-of-laundering-350-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-owned-indian-exchange-wazirx-suspected-of-laundering-350-million\/","title":{"rendered":"Binance-owned Indian exchange WazirX suspected of laundering $350 million"},"content":{"rendered":"<p>The Enforcement Directorate (ED) of India&#8217;s Finance Ministry is examining the operations of WazirX, the cryptocurrency exchange owned by Binance. According to<a href=\"https:\/\/economictimes.indiatimes.com\/news\/india\/ed-probing-crypto-exchange-wazirx-for-money-laundering-of-rs-2790-cr\/articleshow\/93306086.cms\"> The Economic Times<\/a>, the agency regards the platform as involved in currency rule violations and money laundering totalling <span data-descr=\"ten million rupees\" class=\"old_tooltip\">2790<\/span> crore rupees (over $350 million).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;In one case, WazirX used the infrastructure of Binance, Cayman Islands-based. All crypto transactions between these exchanges were not registered&#8221;,<\/em> \u2014 said Finance Minister Pankaj Chaudhary to the publication.<\/p>\n<\/blockquote>\n<p>In another instance, the platform approved overseas user transactions for crypto exchanges, including involving third-party exchanges.<\/p>\n<p>WazirX said management was unaware of any regulator complaints concerning compliance with the law.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">August 5, 2022 | 12:52<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>According to <a href=\"https:\/\/www.reuters.com\/business\/finance\/india-freezes-assets-binance-owned-local-unit-wazirx-2022-08-05\/\">Reuters<\/a>, ED froze WazirX assets worth $8.16 million as part of the investigation.<\/p>\n<\/div>\n<p>Earlier, news of the investigation into the platform&#8217;s alleged violations of the Foreign Exchange Management Act first emerged in June 2021.<\/p>\n<p>Later, reports clarified that authorities are studying the activities of apps operated by Chinese operators \u2014 part of money allegedly laundered through a bitcoin exchange.<\/p>\n<p>In early 2022, the platform was accused of tax evasion totaling more than $6 million.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Enforcement Directorate (ED) of India&#8217;s Finance Ministry is examining the operations of WazirX, the Binance-owned cryptocurrency exchange. According to The Economic Times, the agency says the platform is involved in currency-rule violations and money laundering totaling 2790 crore rupees (over $350 million).<\/p>\n","protected":false},"author":1,"featured_media":65344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,278,36],"class_list":["post-65343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65343"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65343\/revisions"}],"predecessor-version":[{"id":65345,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65343\/revisions\/65345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65344"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}