New Delhi: India’s Anti-Money Laundering Agency is investigating whether Binance Holdings Limited According to people with knowledge of the matter, the betting apps had a role to play in the ongoing investigation.
NS Enforcement Directorate have summoned Binance Officials are awaiting further response for questioning, the people said, asking not to be identified as the matter is under investigation.
India is investigating a betting app run by Chinese operators that collected over Rs 1,000 crore ($134 million) in the past 10 months for allegedly laundering part of the money through the WazirX cryptocurrency exchange. For.
Binance acquired WazirX in 2019.
Incorporated in the Cayman Islands without any corporate headquarters, Binance is facing regulatory action as nations intensify investigations into the industry amid concerns that cryptocurrencies are used to hide money laundering, drug dealing and terrorism proceeds. being done.
The app’s operators used wallets with WazirX to buy, convert and transfer money to wallets on Binance’s platform, the people said.
The Enforcement Directorate has already issued a show cause notice to WazirX for alleged violation of foreign exchange management rules in cryptocurrency-related transactions worth Rs 2,790 crore.
An Enforcement Directorate spokesperson did not respond to calls. A Binance representative did not immediately comment on the issue.
People said that the Indian agency found that Binance did not collect the required do-your-customer documents from clients in most transactions.
The exchange also did not collect detailed information from the global anti-money laundering watchdog. Financial Action Task Force (FATF) for virtual currencies, he added.
NS Enforcement Directorate have summoned Binance Officials are awaiting further response for questioning, the people said, asking not to be identified as the matter is under investigation.
India is investigating a betting app run by Chinese operators that collected over Rs 1,000 crore ($134 million) in the past 10 months for allegedly laundering part of the money through the WazirX cryptocurrency exchange. For.
Binance acquired WazirX in 2019.
Incorporated in the Cayman Islands without any corporate headquarters, Binance is facing regulatory action as nations intensify investigations into the industry amid concerns that cryptocurrencies are used to hide money laundering, drug dealing and terrorism proceeds. being done.
The app’s operators used wallets with WazirX to buy, convert and transfer money to wallets on Binance’s platform, the people said.
The Enforcement Directorate has already issued a show cause notice to WazirX for alleged violation of foreign exchange management rules in cryptocurrency-related transactions worth Rs 2,790 crore.
An Enforcement Directorate spokesperson did not respond to calls. A Binance representative did not immediately comment on the issue.
People said that the Indian agency found that Binance did not collect the required do-your-customer documents from clients in most transactions.
The exchange also did not collect detailed information from the global anti-money laundering watchdog. Financial Action Task Force (FATF) for virtual currencies, he added.
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