Show cause notice slapped by ED on WazirX under FEMA for transaction worth Rs 2,791 freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
The enforcement directorate (ED) has issued a show cause notice to India’s biggest cryptocurrency exchange WazirX and its directors for contravention of Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs2,790.74 crore.
As per ED, users of WazirX received cryptocurrency worth Rs 880 crore via its pool account from Binance accounts and transferred out cryptocurrency worth Rs 1,400 crore to Binance accounts during its probe
ED initiated FEMA investigation into WazirX on the basis of the ongoing money-laundering investigation into Chinese owned illegal online betting Applications.