Indian Authorities Unfreeze Bank Account of Crypto Exchange WazirX

Indian Authorities Unfreeze Bank Account of Crypto Exchange WazirX

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In August, Indian authorities froze WazirX cryptocurrency exchange bank assets worth over $8 million as per allegations related to money laundering through the exchange’s platform.

As per Monday’s announcement, the Indian financial crime fighting agency has allowed WazirX, one of the largest cryptocurrency exchanges in India to resume banking operations.

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The Allegation

WazirX account worth $8.1 million was frozen last month due to an allegation that the exchange is aiding about 16 fintech in money laundering, this however led to the exchange’s director Sameer Mahtre’s properties being raided.

According to a blog post by the exchange on Monday, 16 fintech firms under Indian authority’s investigation had used the exchange’s platform.

“WazirX has been cooperating with the investigators by providing them with all the necessary details, information, and documents of the alleged accused companies who used the WazirX platform,” the exchange added.

However, the investigation is related to the rising Chinese “illegal loan apps” scams that have spurred the Indian authorities to crackdown on such apps and their Chinese shell companies.

Furthermore, the Indian finance minister has informed the Reserve Bank of India to generate a white list of all apps allowed to operate in India.

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