Connect with us

News

India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens

India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx DeepensIndia’s Directorate of Enforcement (ED) says it has frozen more cryptocurrencies, including bitcoin, tether, and the Wazirx token. The action is part of its investigation of the mobile gaming app E-nuggets. In its latest announcement, the ED revealed that nearly 86 bitcoins found at crypto exchange Binance were frozen. Indian Authority Freezes More Cryptocurrencies: Bitcoin, […]

India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens

India’s Directorate of Enforcement (ED) says it has frozen more cryptocurrencies, including bitcoin, tether, and the Wazirx token. The action is part of its investigation of the mobile gaming app E-nuggets. In its latest announcement, the ED revealed that nearly 86 bitcoins found at crypto exchange Binance were frozen.

Indian Authority Freezes More Cryptocurrencies: Bitcoin, Tether, Wazirx Token

India’s Directorate of Enforcement (ED) announced Friday that it has frozen two more cryptocurrencies under the country’s Prevention of Money Laundering Act (PMLA). The ED is the Indian government’s law enforcement and economic intelligence agency. The announcement details:

Directorate of Enforcement (ED) has freezed the crypto currencies WRX (utility token of Wazirx) and USDT (tether, an Ethereum token that is pegged to the value of a U.S. dollar) equivalent to Rs 47.64 lakhs.

India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens

The ED initiated a money laundering investigation of Aamir Khan and others relating to E-nuggets on the basis of an FIR dated Feb. 15, 2021.

Aamir Khan, S/o Nesar Ahmed Khan launched E-Nuggets, “which was designed for the purpose of defrauding public,” the Indian authority said. “Further, after collecting handsome amount from the public, all of the sudden, the withdrawal from the said app, was 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 gaming 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 freezed under PMLA.

In addition, 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 Authority Freezes More Bitcoin at Binance

The latest announcement by the ED states:

85.91870554 bitcoins equivalent to USD $1,674,255.7 (equivalent to Rs 13.56 Cr approx. as per market exchange rate) found in balance in Binance exchange was freezed.

In an earlier announcement, the ED said it had frozen 77.62710139 bitcoins on Binance. That means the 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,” emphasizing that “Binance has never — at any point — owned any shares of Zanmai Labs, the entity operating Wazirx.”

The ED froze the bank assets of Wazirx worth more than $8 million in August. However, earlier this month, Wazirx said that its bank accounts have been unfrozen. Following Wazirx, the ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched crypto exchange Coinswitch Kuber. However, the exchange’s CEO said that it was not related to money laundering investigations.

What do you think about the Indian authority freezing more cryptocurrencies amid money-laundering investigations? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

Continue Reading
Advertisement

News

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset AgendaAccording to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Regulation Archives – Bitcoin News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!