bitcoin ED, crypto currency investigation, moneylaundring in cryptocurrency , bitcoin | ED starts investigation in Binance Coin, calls officials for questioning

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Mumbai8 minutes ago

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  • Cryptocurrency prices have been fluctuating in recent times
  • Bitcoin is currently trading at 35 to 39 thousand dollars

A case of money laundering has come to the fore in the fast gaining popularity of crypto currency. The Enforcement Directorate (ED) of India has started an investigation into Binance Coin, a cryptocurrency currency. The ED has called the officers for questioning in this matter.

Investigating the role of Binance Holding

According to people with knowledge of the matter, India’s Anti Money Laundering Agency (ED) is probing whether Binance Holdings Limited had a role in the ongoing investigation of betting apps. As the investigation is ongoing, not much information has been received. The Enforcement Directorate has called Binance officials for questioning and they are waiting for their reply.

Checking apps with Chinese operators

India is investigating betting apps run by Chinese operators, which have collected over Rs 10 billion in the past 10 months to launder money through the WazirX cryptocurrency exchange. Binance acquired WazirX in 2019.

Cayman faces regulatory action in Iceland

Actually Binance, founded in Cayman Iceland, is currently facing regulatory action. Because many countries have stepped up investigations amid concerns that cryptocurrencies are being used for money laundering, drug dealing and terrorism. Surprisingly, Binance Coin does not even have a headquarters in Cayman Iceland.

Using WazirX Wallet

Sources said that the operators of the apps used the wallet of WazirX to buy, exchange and transfer money in the wallet on Binance Coin’s platform. The Enforcement Directorate has already issued a show-cause notice to WazirX for violating the Foreign Exchange Management Rules (FEMA) in transactions involving cryptocurrency worth Rs 27.9 billion.

did not collect the necessary information

Sources said the Indian agency found that Binance did not collect the required information from customers in most of the transactions. He said the exchange also did not collect information on global anti-money laundering surveillance as per norms issued by the Financial Action Task Force (FATF), a global watchdog on virtual currencies. At present, small investors are also investing money in crypto currency in India.

Globally, Tesla’s chief Elon Musk also talked about accepting payments in crypto some time ago. However, he later shrugged off it. Recently Amazon has also said the same thing. This is making the price of crypto fluctuate continuously.

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