Chinese loan apps probe: No cryptocurrency exchange has received a clean chit from the ED

Share via:

The Enforcement Directorate (ED) increased searches and inquiries in connection with alleged FEMA and PMLA violations by crypto exchanges in India in recent months.

Under the Prevention of Money Laundering Act, 2022 (PMLA), the ED recently conducted searches at the premises of crypto entities Vauld and WazirX and froze their bank balances totaling INR 370 Cr and INR 65 Cr, respectively. On August 27, it conducted searches at CoinSwitch Kuber’s premises. The ED suspects that many Chinese loan operators used various cryptocurrency exchanges to transfer funds from India to other countries. In light of the ED’s actions as part of the investigation, many cryptocurrency exchanges are considering legal options.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Chinese loan apps probe: No cryptocurrency exchange has received a clean chit from the ED

The Enforcement Directorate (ED) increased searches and inquiries in connection with alleged FEMA and PMLA violations by crypto exchanges in India in recent months.

Under the Prevention of Money Laundering Act, 2022 (PMLA), the ED recently conducted searches at the premises of crypto entities Vauld and WazirX and froze their bank balances totaling INR 370 Cr and INR 65 Cr, respectively. On August 27, it conducted searches at CoinSwitch Kuber’s premises. The ED suspects that many Chinese loan operators used various cryptocurrency exchanges to transfer funds from India to other countries. In light of the ED’s actions as part of the investigation, many cryptocurrency exchanges are considering legal options.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

https://pnndigital.com/business-news/samsung-to-consolidate-leadership-in-mid-premium-segment-with-launch-of-galaxy-a55-5g-galaxy-a35-in-india/

https://pnndigital.com/business-news/samsung-to-consolidate-leadership-in-mid-premium-segment-with-launch-of-galaxy-a55-5g-galaxy-a35-in-india/ Source link

Black founders are creating tailored ChatGPTs for a more...

At first, John Pasmore was excited about ChatGPT.  Source...

Evaluating Opportunities Within A Subscription Economy

SUMMARY Companies in a subscription economy rely on recurring...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!