WazirX which is known as, India’s top currency exchange is under check by the country’s Enforcement Directorate.
The Indian government’s financial crime-fighting agency is sending a show-cause letter to Wazirx’s chairman and director. They are Nischal Shetty and Sameer Mhatre respectively. Both the company’s head is asked by the Enforcement Directorate to brief the suspicious transaction activity of nearly 39-40 million dollars.
Here’s what has been reported:
As shared by the Reuters report, both Shetty and Mhate have been requested by the ED, to explain the high amount of transactions.
The crime agency further alleged the operators for not collecting the required KYC verified documents. They are accused of violating foreign exchange norms.
What the representative of the company says?
However, sources by the company’s representative claimed that no such show-cause documents have reached Wazirx.
The firm’s representative added that the exchange company respects all laws of the country and abides by them. Wazirx has always worked in compliance with KYC and AML-Anti Money Laundering processes. The firm has time to time update the enforcement agencies’ information whenever necessary. He ended his statement by claiming that the firm will cooperate with the authorities to investigate if receives any communication.
Earlier, India has a dubious past about cryptocurrency space. When the government has banned organizations who operate in the space or other industries related to the industry.
India’s background on Cryptocurrency.
Though in 2020, the Supreme Court reversed cryptocurrency directives. The RBI, however, from time to time issues notifications against crypto asses and also about BTC.
As positive news to crypto gamers, the country is thinking about canceling its plan of banning cryptos. On the contrary, India is thinking about making crypto an asset class.
Whatever happens with the head of the firm will decide the fate of the Wazirx. It’s about will also about the future of crypto space in India.