Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
India freezes more crypto including Bitcoin and Tether as probe involving Binance and Wazirx deepens – Regulation Bitcoin News
India’s Enforcement Directorate (ED) says it has frozen several cryptocurrencies, including bitcoin, tether and the Wazirx token. The action is part of the investigation into the mobile gaming app E-nuggets. In its latest announcement, the ED revealed that nearly 86 bitcoins found on the crypto exchange Binance were frozen.
Indian authorities freeze several cryptocurrencies: Bitcoin, Tether, Wazirx Token
India’s Enforcement Directorate (ED) announced on Friday that it has frozen two more cryptocurrencies under the country’s Prevention of Money Laundering Act (PMLA). ED is the Indian government’s law enforcement and financial intelligence agency. Announcement Details:
The Enforcement Directorate (ED) has frozen the cryptocurrencies WRX (utility token of Wazirx) and USDT (tether, an Ethereum token pegged to the value of a US dollar) equivalent to Rs 47.64 lakhs.
The ED initiated a money laundering investigation against Aamir Khan and others related to E-nuggets on the basis of an FIR dated 15 February 2021.
Aamir Khan, S/o Nesar Ahmed Khan launched the E-Nuggets, “which were designed for the purpose of defrauding the public,” the Indian authority said. “Then, after collecting a handsome amount from the public, the withdrawal from the said app was suddenly stopped, on the pretext of one and other excuses.”
The agency explained that its investigations have revealed that the accused transferred the amount earned through the E-nuggets game app using a cryptocurrency exchange, elaborating:
Amount equivalent to Rs 47.64 lakh was found in the wallet of Wazirx (crypto exchange) belonging to Aamir khan and its associates and the same has been frozen under PMLA.
Additionally, the ED noted that during searches conducted earlier against Amir Khan, Rs 17.32 crore cash was found and seized from the residential premises.
Indian authorities freeze more Bitcoin at Binance
The latest announcement from the ED states:
85.91870554 bitcoins equivalent to USD $1,674,255.7 (equivalent to Rs 13.56 Cr approx per market rate) found in balance in Binance exchange were frozen.
In an earlier announcement, ED said it had frozen 77,62710139 bitcoins on Binance. That means ED froze 8.29160415 more BTC.
Binance was believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently said that the acquisition was “never completed,” stressing that “Binance has never – at any time – owned any shares in Zanmai Labs, the entity . operating Wazirx.”
The ED froze Wazirx’s bank assets worth more than $8 million in August. However, Wazirx said earlier this month that the bank accounts have been frozen. After Wazirx, the ED froze $46 million worth of crypto and banking assets from Vauld, a crypto platform backed by Peter Thiel. In August, the agency sued the crypto exchange Coinswitch Kuber. However, the exchange’s CEO said it was not related to money laundering investigations.
What do you think about Indian authorities freezing several cryptocurrencies amid money laundering investigation? Let us know in the comments section below.
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