Indian crypto exchange WazirX regains access to millions of frozen funds after a month of investigations by local authorities.
WazirX says it has been cooperating with local authorities during their Anti-Money Laundering investigation by providing all of the necessary documents and details requested. The investigation targeted 16 fintech companies and instant loan apps, some of which solicited services from the exchange.
The exchange, however, said it has a no-tolerance stance toward any illegal activities on the platform. Additionally, it said that most of the targeted users in the ED investigation had already been flagged as suspicious by WazirX and blocked in 2020-2021. WazirX told Cointelegraph the case is still under investigation, but funds have been unfrozen due to no suspicious activity found, with “no further comment as of now.”, when the ED initially announced the investigation. The locked funds amounted to over $8.1 million in total.
ED searches the Director of WazirX Crypto-Currency Exchange & freezes its Bank assets worth Rs 64.67 Crore for assisting accused Instant Loan APP Companies in laundering of fraud money via purchase & transfer of virtual crypto assets.
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