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Big blow to the crypto currency market! ED sent notice to WazirX

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Big blow to the crypto currency market! ED sent notice to WazirX
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Crypto currency: The Enforcement Directorate has sent a show-cause notice to Mumbai-based WazirX, which provides platforms for dealing in crypto currency, and its directors Nischal Shetty and Sameer Hanuman Mhatre. This notice has been sent to them under FEMA.

Why did ED send notice

Big blow to the crypto currency market! ED sent notice to WazirX
Image Source- Google | Image By- Business News

The ED has sent WazirX and its directors under the Foreign Exchange Management Act (FEMA) for dealing in cryptocurrencies worth Rs 2,790.74 crore.

The ED says that WazirX accepted cryptocurrency worth Rs 880 crore from its Balance account in the pool account. At the same time, cryptocurrency worth Rs 1,400 crore was sent to the Binance account.

Violation of these provisions of FEMA

ED officials say that WazirX did not obtain the necessary documents for this transaction. This is in violation of FEMA’s mandatory anti-money laundering and combating the financing of terrorism.

Stairway to heaven for money laundering

Officials say that not a single transaction of WazirX is available on the blockchain where they can be audited. It has been found that WazirX can transfer highly valuable cryptocurrencies from anyone’s account to anyone’s account without documents. For this the nationality or location of that person does not matter. In this way, it can become a stairway to heaven for money launderers.

Nischal Shetty cleaning

A clarification has also been given by WazirX CEO Nischal Shetty regarding the ED notice. He says, “All users on the WazirX platform can be identified through official identity cards. Once we get official information or notice from ED, we will fully cooperate with them in the investigation.

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