Binance distances from WazirX as Indian regulators keep chasing crypto

The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over the ownership of the Indian crypto exchange grabbed a lot of headlines in the first week of August.  WazirX was reportedly acquired by Binance in 2019, and ever since then, the Indian crypto exchange has been referred to as “Binance-owned”; however, to everyone’s surprise, CZ took to Twitter to claim that the acquisition process never went through and Binance has no ownership in the Indian crypto exchange. 2/ On 21 Nov 2019, Binance published a…

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Indian law enforcement accuses WazirX exchange of aiding in laundering of $130M

India’s Enforcement Directorate (ED), the agency responsible for financial crimes, is looking at cryptocurrency exchanges suspected of processing transactions that sent more than 10 billion rupees, or about $130 million, from firms under investigation to international wallets. At least ten crypto exchanges are allegedly involved, according to an official who spoke to The Economic Times, and bank accounts of exchange WazirX have been frozen, the newspaper reported. Transactions of up to 1 billion rupees, or $1.3 million, were allegedly made in the names of people with no connections to the…

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Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

As reported by local news outlet The Economic Times on Monday, Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, although users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the two exchanges. Three days prior, The Directorate of Enforcement of India alleged that WazirX “actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route” and subsequently froze $8.1 million in bank balances related to the exchange.  Simultaneously,…

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Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud. In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1…

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Why did WazirX token (WRX) jump 30% after India announced its big crypto tax?

WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week. WRX’s price jumps on India tax news WRX’s price surged nearly 30% to over $1, hitting a three-week high after the Indian government had announced a new tax regime for the regional crypto sector, reversing entirely from its earlier strict stance that even contemplated an outright ban on the emerging industry. $WRX – Up on news! https://t.co/Ln504eUZzm pic.twitter.com/zN3pW84DPY — Yo! Crypto ₿ (@YoCrypto) February 1, 2022 In her budget speech on Tuesday, Finance Minister Nirmala Sitharaman said…

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Indian taxman recovers $6.62M from WazirX for evading tax on commission

Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the…

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$2.5T crypto market will not wait for nations to onboard: WazirX CEO

Indian entrepreneur and the CEO of crypto exchange WazirX Nischal Shetty envisions a race between countries to launch their local versions of central bank digital currencies (CBDC) in the coming year.  Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETFs) and the emergence of the metaverse: “We’re optimistic that we’ll get regulatory clarity, see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.” Shetty pointed out that the crypto…

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Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange deal

Kotak, India’s leading private bank, has reportedly become the first to open its gates to the crypto community, as per a report published in Economic Times.  The banking giant announced it has partnered with the leading crypto exchange WazirX, which would allow traders to use the banking services to liquidate their funds. The partnership between the two parties is being seen as a major breakthrough for the crypto community given Indian banks have frozen crypto payments and withdrawals for the past eight months. “WazirX has opened an account with Kotak…

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WazirX, Presearch and Komodo rally after data shows a surge in user activity

The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of days has transformed into fear and Bitcoin price slid back below $57,000. Despite the pressure being exerted on many of the top cryptocurrencies, several altcoins have managed to buck the trend and post double-digit gains on Thursday. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours…

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Binance-owned Indian exchange WazirX investigated for alleged AML failings

The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India’s Foreign Exchange Act (FEMA). The probe was publicly announced in an official tweet today from India’s Enforcement Directorate (ED): ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. 2790.74 Crore. — ED (@dir_ed) June 11, 2021 In the Indian numbering system, one crore denotes 10 million. The 2,790 crore rupees in cryptocurrency transactions under investigation, then, are worth roughly…

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