FEMA Investigation Initiated On Basis Of Money Laundering, Compliant With All Laws, Says WazirX
- ByStartupStory | June 12, 2021
FEMA investigation initiated on the basis of money laundering, as per a statement issued by ED. Investigation into Chinese-owned illegal online betting applications. However, WazirX in a statement reassuring users responded, “funds are absolutely safe on WazirX”, they are yet to receive any further notice from ED on the same and confirm compliance with all laws. They further clarified that they go beyond legal obligations following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and have always provided information to law enforcement authorities as needed.
ED on the other hand said that FEMA investigation initiated, cause notice to cryptocurrency exchange WazirX (M/s Zanmai Labs Pvt Ltd) and its directors Nischal Shetty and Sameer Hanuman Mhatre under Foreign Exchange Management Act, 1999, (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 crore.
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