WazirX account freeze ends, Nichal Shetty smiles beside a picture of a magnifying glass placed on top of finance documents

WazirX resumes banking after month-long account freeze ends

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India’s financial crime fighting agency has allowed WazirX to resume banking operations after unfreezing its bank accounts, the crypto exchange said on Monday.

See related stories: India’s WazirX says it has no-tolerance policy on illegal activities

Fast facts

  • WazirX, one of India’s largest crypto exchanges by trading volume, said in a statement that its active cooperation in the Enforcement Directorate’s ongoing money laundering investigation led to the agency clearing its funds.
  • The agency froze WazirX’s US$8.1 million account after exchange director Sameer Mahtre’s properties were raided last month to investigate his alleged involvement in assisting some 16 fintech firms in laundering crime proceeds through crypto channels.
  • The investigation is part of the rise of so-called Chinese “illegal loan apps” scams, which has triggered the Indian government to crackdown on such applications and its Chinese shell companies.
  • Finance Minister Nirmala Sitharaman has tasked the Reserve Bank of India, the nation’s central bank, with generating a “whitelist” of all permitted apps.

See related stories: Business as usual at India’s WazirX as Binance distances itself

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