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India’s Largest Crypto Exchange Receives Show Cause Notice from Enforcement Directorate


u.today 11 June 2021 09:30, UTC
Reading time: ~1 m

WazirX, the largest cryptocurrency exchange in India, has received a show cause notice from the Directorate of Enforcement.

The exchange is accused of violating the Foreign Exchange Management Act (FEMA) of 1999, which regulates external payments and foreign trades.

The notice is linked to the law enforcement agency’s ongoing investigation into how Chinese nationals were laundering proceeds obtained from illegal gambling apps.

The bad actors used WazirX for laundering money by converting the Indian rupee into Tether, the largest stablecoin.

The USDT tokens were then transferred to Binance, the largest crypto exchange in the world by reported trading volumes.


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