WazirX gets ED show cause notice | Crypto News 2021 | Crypto Scam -Netlinehost

 Crypto exchange wazirX was sent a showcase notice by ED regarding a case with an amount of 2790 crores. .

WazirX gets ED show cause notice | Crypto News 2021 | Crypto Scam
WazirX gets ED show cause notice | Crypto News 2021 | Crypto Scam


After evaluating the news properly, you can decide whether to panic or not. A showcase notice means that the government is asking questions about the records for cross-checking.


Ed is a government body that deals with money laundering and economic frauds by investigation in India. . Ed works according to two acts.


The first is foreign exchange. Fema and second is money laundering.


So now, regarding the notice given to wazirX, it is sent according to FEMA act. . Now, friends, in India, already some scam are going around the Chinese.


Chinese apps are stealing money with some betting and loans app. . These investigations are going around recently.


. Yesterday, in Delhi, police arrested 1100 people in the case of money. Laundering.


Money laundering means to make black money into legalized money by sending money out of India by legal ways. . They are also earning money in illegal ways by making fraud with Indian people.


. According to yesterday's news, 150 crores fraud was done by Chinese people. Now the money earn by the fraud, how it can be sent out of India If they sent it through a bank server.


Then the bank is enquired about it, so that is not possible, and now they have done money laundering by using crypto exchanges to send the money out of India. . So I think the inquiry is based on this issue or any similar issues.


Ed was investing on this and now crypto exchanges are also looked into. Now WazirX has answered by tweeting that they doing KYC and following the anti-money laundering process and wazirX will provide the information Asked by the government we have all the data regarding the transactions. .


It has been stated by wazirX that people's money is safe and secure. WazirX was acquired by Binance. In 2019.


, The CEO of wazirx Nischal, Shetty And Sameer Mhatre were sent. The notice by ED. WazirX was acquired by binance, so there are fees applicable for money transfer from wazir x to binance with instant transfer.


. The transaction is recorded in API hit, but not in blockchain, but wazirx always has the records of data.


The government has asked about the data for two transactions. First is 57 cores rupees were converted to USD then, after that, they were converted from USD to some other wallet abroad, maybe china. , So the government wants complete records of this transaction.


. Second, transection is that from WazirX 1400 crores rupees were sent to Binance and 800 crores were sent in return from Binance to wazirx. .


So the government wants a record regarding these two transactions. Wazirx has replied by agreeing to submit the records and they are doing the KYC also, and they have a record of every transaction, including transection, between binance and wazirx or any other crypto exchange. Wazirx is saying they have the Data, even if it is not on the blockchain.


, When the government will ask we will provide. . So this was the news.


Now you decide for yourself. . We can wait for some other news sources.


. I will be updating regularly. Support this article by sharing.


. Please write your opinion in the comments for other people to see it and understand the situation. Support this article and we will meet in the next article

Previous Post Next Post

POST ADS1

POST ADS 2