Binance-owned Indian exchange WazirX investigated for alleged AML failings By Cointelegraph

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Binance-owned Indian exchange WazirX investigated for alleged AML failings

The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India’s Foreign Exchange Act (FEMA). The probe was publicly announced in an official tweet today from India’s Enforcement Directorate (ED):

In the Indian numbering system, one crore denotes 10 million. The 2,790 crore rupees in cryptocurrency transactions under investigation, then, are worth roughly $389 million. According to a report from the Times of India, ED has named the four-year-old exchange and its directors, Nischal Shetty and Hanuman Mhatre, in its show cause notice.