Investigation against Binance regarding Money laundering by Indian Authorities

Indian government authorities are investigating Binance. There is suspicion against Binance that they may be involved in money laundering conducted via Chinese betting apps.

Binance is a larger crypto Exchange by volume & right now they are facing lots of allegations & issues that are raised by regulators of different countries. Now Indian government authorities raise issues against Binance.

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According to a Bloomberg report, a case of money laundering has been going on since the last 10 month. A Chinese betting app which collected around $134 million worth of rupees in India and then they smuggled the Money with the use of Wazirx Exchange.

So the case is going against the Wazirx Exchange, which is owned by Binance Exchange.

Wazirx Exchange was bought by Binance Exchange about two year ago and also the services of Wazirx Exchange are connected with the Binance e.g transfer of some particular assets without any fees and limit.

According to the report, the Enforcement Directorate of India is asking questions regarding Money laundering to the Binance Exchange. ED thinks that there may be chances that Binance may be involved in this case of Money Laundering conducted through Chinese betting apps. 

Reports also says that Binance executive didn’t responded yet about the matter (at the time of writing this article).

It seems that problems for Binance exchange is not going to stop because every week at least one news we can hear about Binance by the regulators. Amid Binance team is working to cooperate with regulators by making offices in all countries under approval by the government authorities. And also they are taking many steps to lower the risk of unfair activities at their Exchange e.g lower the limit of withdrawal 0.06btc from August and reducing the leverage limit by 20× from 100× .

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