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0 sats \ 4 replies \ @cryptocoin OP 5 Aug 2022 \ on: Indian Government Raids Director of Crypto Exchange WazirX, Freezes $8.1M bitcoin
The Indian agency is investigating several fintech companies over alleged fraud on instant loan apps, which are apps that make short-term loans.

WazirX "actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route," the ED said in a press release. As a result, the government has frozen $8.1 million in funds held by WazirX.

Mhatre hasn't cooperated with authorities, the ED said, noting that he failed to disclose details of a transaction in March that involved the purchase of cryptocurrencies with proceeds that were gained from alleged fraud on instant loan apps.

According to the ED, various fintech companies backed by Chinese funds were unable to get authorization from India's central bank and therefore turned to the crypto route.
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0 sats \ 1 reply \ @cryptocoin OP 5 Aug 2022

Here's another article on this development:

“Further it has been found that all crypto transactions between these 2 exchanges were not even being recorded on the blockchains and were thus cloaked in mystery. Accordingly, a show cause notice (SCN) has been issued under the provisions of FEMA against WaxirX for allowing outward remittance of crypto assets worth Rs 2,790 crore to unknown wallets.”

All transactions between WazirX and Binance were 'cloaked in mystery': Govt on ED probe https://www.moneycontrol.com/news/business/cryptocurrency/all-transactions-between-wazirx-and-binance-were-cloaked-in-mystery-mos-chaudhary-on-ed-probe-8938741.html https://archive.ph/PLAqN

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0 sats \ 0 replies \ @cryptocoin OP 5 Aug 2022

Haha ...

The ministry said that cryptocurrencies are borderless and require international collaboration to 'prevent regulatory arbitrage'.

Indeed, sir. Indeed.

Good luck with that.

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0 sats \ 1 reply \ @cryptocoin OP 5 Aug 2022

This is interesting:

Quick thread on Binance and WazirX, and some incorrect reporting.

Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.

1/4

https://twitter.com/cz_binance/status/1555578415901802507 https://nitter.it/cz_binance/status/1555578415901802507

The 2019 press release announcing the acquisition:

Binance Acquires India’s Leading Digital Asset Platform WazirX to Launch Multiple Fiat-to-Crypto Gateways https://www.binance.com/en/blog/all/binance-acquires-indias-leading-digital-asset-platform-wazirx-to-launch-multiple-fiattocrypto-gateways-404105749895733248 https://archive.ph/YyMt2

A 2021 Tweet from cz's Twitter acount:

» Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021 - The Financial Express

https://www.financialexpress.com/market/binance-owned-indian-crypto-exchange-wazirx-crosses-200m-in-daily-trading-volume-eyes-1b-in-2021/2226496

https://twitter.com/cz_binance/status/1378929716875292676 https://nitter.it/cz_binance/status/1378929716875292676

Then, today when the exchange is in trouble with the regulators, cz says the acquisition never happened. Can it be possible some intern created that 2021 Tweet and cz didn't realize it? Possible. Not likely. More likely it was using misleading info to make Binance look good so the exchange token jumps!

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0 sats \ 0 replies \ @cryptocoin OP 5 Aug 2022

Haha, there's more:

1/ FACTS about WazirX & Binance:

WazirX was acquired by Binance

Zanmai Labs is an India entity owned by me & my co-founders

Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX

Binance operates crypto to crypto pairs, processes crypto withdrawal…

https://twitter.com/NischalShetty/status/1555602963430785024 https://nitter.it/NischalShetty/status/1555602963430785024

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