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ED Unfreezes Bank Accounts of WazirX exchange: Investigation Continues

Indian cryptocurrency exchange WazirX finally sees the stars aligned after a cold treatment from regulatory bodies in India. A major sign of relief for the exchange as the Enforcement Directorate unfroze its bank accounts.

Last month, WazirX made the headlines after it was probed to have violated FEMA regulations. A few days post that ED said WazirX was “uncooperative” in the investigation and froze the bank accounts of the crypto exchange. Hell broke loose on Twitter when the CEOs of Binance and WazirX fought over who owned WazirX.   

This happened after the dramatic turn of events when Enforcement Directorate raided the premises of WazirX Director Sameer Mhatre and issued an order to freeze their bank balances and assets worth INR 64.67 crore under PMLA, 2002. In an official statement, ED probed around 10 cryptocurrency exchanges for allegedly laundering more than Rs 1,000 crore, identified as proceeds of crime from the firms accused in the instant loan-app case.

Fast forward to Monday, the crypto exchange said that its bank accounts have been unfrozen after a month. WazirX can now continue its banking operations as usual. WazirX has claimed to be cooperating with the investigators and providing them with the required documents, information, and details of alleged companies and individuals.

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