Lawstreet Journal

Binance's Role in Betting App Case: Enforcement Directorate summons crypto exchange

Lawstreet Journal 4 Aug 2021 1:44am

Image courtesy: Lawstreet Journal Business Binance's Role in Betting App Case: Enforcement Directorate summons crypto exchange

India's anti-money laundering agency is examining if Binance Holdings Ltd. had a role to play in an ongoing investigation involving betting apps, according to people with knowledge of the matter. Binance has been facing regulatory crackdown as nations intensify scrutiny of the crypto industry amid concerns that it is being used to conceal proceeds of money laundering & terrorism.

The Enforcement Directorate has summoned Binance executives for questioning and is awaiting a response, the people said, asking not to be identified as the matter is under investigation.

Allegations:

India is probing betting apps run by Chinese operators, which collected more than 10 billion rupees ($134 million) over the past 10 months, for allegedly laundering part of the money through the WazirX cryptocurrency exchange. Binance acquired WazirX in 2019. The questioning request is in connection with an ongoing probe against betting apps run by Chinese operators, which collected more than $134 million over the past 10 months, for allegedly laundering part of the money through the WazirX cryptocurrency exchange. It may be noted that Binance acquired WazirX in 2019.

While ED’s probe against Binance is related to an ongoing betting app investigation, the cryptocurrency major has been facing regulatory probes in multiple countries amid concerns over the use of virtual coins for illegal activities in the absence of regulations.

The operators of the apps used wallets with WazirX for buying, converting, and transferring the money to wallets on Binance's platform, the people said. The enforcement directorate has already issued a… Continue Reading...


Tagged: Binance  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.