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Monday, December 23, 2024 | 08:41 PM ISTEN Hindi

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ED sends notice to crypto exchange WazirX for Rs 2,791-cr transactions

ED initiated the FEMA investigation on the basis of an ongoing money laundering probe into Chinese-owned 'illegal' online betting applications

WazirX
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WazirX, ED alleged, does not collect the requisite documents in clear violation of the basic mandatory anti-money Laundering (AML) and combating financing of terrorism (CFT) norms

Agencies New Delhi
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA).

WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation.

The agency issued a statement saying that it stumbled upon the transactions of the company

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