Indian Exchange WazirX Accused Of Laundering $350 Million

  • Binance reputation under threat in India
  • The local exchange, owned by the platform, is accused of money laundering.
  • The case involves the amount of $350 million, which was spent “in the dark.”

On Tuesday, August 2, the Indian Ministry of Finance confirmed that the authorities are investigating two major money laundering cases. They run the WazirX exchange, which Binance owns.

The Directorate of Enforcement oversees the process. It includes an amount of 27.9 billion rupees, that is, 351.14 million dollars. All this money was laundered through the infrastructure of WazirX.

Notably, this exchange is owned by Binance. The giant in the cryptocurrency market repurchased it in 2019. And this case can cast a shadow on the reputation of the international exchange.

WazirX management was called to testify in June and July of this year. However, top management ignored the request of the authorities. They now live in Dubai with their families.

“The investigation of the case revealed that WazirX was using the isolated infrastructure of Binance in the Cayman Islands. These transactions between exchanges were not recorded on the blockchain, their nature is shrouded in mystery,” the regulator said in a statement.

The ED also issued an order for the repatriation of the said amount. As for the second case, WazirX is accused of conducting a currency exchange without complying with KYC and AML regulations. Binance has yet to comment on this.

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