The Indian cryptocurrency exchange WazirX has regained access to its bank accounts that had been frozen by the Enforcement Directorate (ED) of the Ministry of Finance.
Update on ED investigation:
The ED has unfrozen the bank accounts of WazirX. In cooperation with investigators, WazirX provided all necessary details & documents of the alleged accused companies that used the WazirX platform.
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— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 12, 2022
In August, the ED suspected WazirX of laundering $350 million. According to media reports, the regulator froze the exchange’s assets worth $8.16 million as part of the case.
“The Enforcement Directorate is conducting investigations into 16 fintech companies and crypto-lending services. Some of them used the WazirX platform. The company is cooperating with the investigation, providing all necessary information, data and documents”, said the new statement.
Representatives of the exchange stressed that they have no relation to any of the 16 companies.
“Thanks to cooperation from WazirX and AML checks that led to the freezing of suspicious accounts, the ED unfroze WazirX’s assets”, the company said.
In August, Binance CEO Changpeng Zhao said that the company never owned a stake in Zanmai Labs, the entity behind WazirX. According to him, the deal announced in November 2019 never closed.
As reported, co-founder Nischal Shetty refuted Zhao’s statements regarding the relationship between the companies. He said there are documents confirming the sale, but he cannot show them “for legal reasons”.
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