India’s government has announced intentions to investigate Binance, the largest cryptocurrency exchange by trading volume, for alleged violations of foreign exchange regulations. The investigation is being headed up by the country’s financial ministry, and is expected to be completed within the next 30 days. After that, the government will determine whether Binance needs to comply with any new rules.

As it is, Binance is the most popular cryptocurrency exchange in India because of its low fee structure and ability to provide access to a wide range of coins and tokens. This is because the company runs its own local fiat exchange, along with its popular decentralized trading platform.

India’s finance minister has recently announced a clampdown on digital currency exchanges, including those run by Binance, the world’s largest cryptocurrency exchange. This follows a similar announcement from Chinese regulators, who have ordered all bitcoin exchanges to close within a month. The order cited a lack of regulatory oversight and the potential for money laundering in the digital currency market.. Read more about is cryptocurrency legal in india 2020 and let us know what you think.

Summary of the situation – Binance is under investigation for money laundering. – WazirX CEO makes his platform available to help research. On Friday, the Financial Cybercrime Authority of India announced that an investigation was underway into WazirX. It is the largest cryptocurrency exchange in the country, owned by Binance. The investigation started with complaints received on spot concerning trade violations. The legal action comes as the Indian government asks tax authorities to stay away from cryptocurrencies. The country is trying to join China, where cryptocurrencies are banned in business. The state’s federal law enforcement agency said the investigation began with an agreement over a large sum of money. WazirX has entered a transaction worth Rs 27.90 billion, equivalent to $381.93 million, into its system.

Binance battles with Indian regulators

India investigates Binance for foreign exchange regulation violations The WazirX platform has been owned by Binance since 2019 and has been lending to cryptocurrency exchanges ever since. While Binance is popular all over the world, WazirX gained notoriety in late 2019 when the cryptocurrency took off. The platform has also come a long way in investigations with the ED since it was accused of money laundering in China. The case involved illegal gambling that had developed in the Asian region. Investigations into Binance and WazirX have revealed that Rs 570 billion worth of money laundering crimes have been committed. This money would have passed through the hands of the stock exchange without the permission of the authorities.

WazirX pressure increase

The Indian investigation agency says WazirX has not provided any documents to complete the investigation. The platform did not clarify doubts about AML/CTF and FEMA violations. However, WazirX said it has not received any notification from the investigating authority. The exchange claims to abide by all the laws enacted by the Indian government. Nishal Shetty, CEO of WazirX, notes that the platform goes beyond its legal obligations by adhering to the KYC process. He says he has always tried to get a forum to inform police if necessary. The CEO of WazirX has been very open about resolving the money laundering case imposed on the platform. However, the ED notes that transactions worth Rs 2,280 crore were not recorded on the blockchain to enable an investigation. The agency adds that users of the Indian platform, which is backed by Binance, are transferring money without proper documentation. This makes WazirX a haven for illegal companies to launder money. Shetty said the platform keeps logs of users with information about their official identity. Thus, the site will cooperate with the ED when it receives official notification that a money laundering investigation has been initiated. For now, WazirX remains active on the Indian virtual marketplace, despite attempts by government agencies to ban it. In March, regulators introduced a bill to ban cryptocurrency trading, but it has not been implemented.India is investigating whether or not Binance could have violated foreign exchange regulations in the country. The Indian government’s financial intelligence unit (FIU) has brought this action against Binance CEO, Changpeng Zhao, after the exchange was found to be in violation of regulations in the country, according to a local publication.. Read more about is cryptocurrency legal in india 2021 and let us know what you think.

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