Binance May Face Investigation in the $134 Million Money Laundering Case in India – Binance crypto exchange’s legal trouble has extended to India now. The world’s largest crypto exchange is under the scanner of the Indian anti-money laundering agency Enforcement Directorate (ED) for its role in the $134 million money laundering case, as per a report in Bloomberg.
The ED disclosed a money-laundering racket operated through Chinese betting apps that made use of cryptocurrencies to launder money. WazirX, the Indian crypto exchange acquired by Binance in 2019 was allegedly used for laundering a part of the $138 million.
Financial Watch had reported earlier that ED was examining the records for $38 million or 27.9 billion INR worth of cryptocurrencies transferred through WazirX which they alleged the exchange had no records for.
ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. 2790.74 Crore.
— ED (@dir_ed) June 11, 2021
