The Enforcement Authority of India (ED) has lifted restrictions on the bank accounts of the WazirX cryptocurrency exchange and stated that the site can continue its operations as usual.
As a result of an investigation into 16 fintech companies that used the services of the WazirX cryptocurrency exchange to conduct their operations, the Indian Enforcement Authority lifted previously imposed restrictions from the platform and unfrozen bank accounts.
“Thanks to active cooperation from WazirX and compliance with AML requirements, which resulted in the blocking of suspicious accounts, ED has unfrozen WazirX bank accounts. The exchange can now continue its banking operations as normal,” the agency said in a statement.
WazirX expressed satisfaction with this decision of the regulator and explained that she had never been involved in any of the charges imputed to her. In this situation, the role of the exchange was no different from that of any other intermediary whose platform could be misused.
The exchange has confirmed that it has a zero tolerance policy for any illegal activities using its platform and complies with all necessary requirements for compliance with Know Your Customer (KYC) and anti-money laundering (AML) procedures.
“WazirX is cooperating with the ED investigators by providing them with all necessary details, information and documents. Most of the users whose information was requested by the regulator have already been identified as suspicious and blocked,” the exchange team said.
Recall that a month ago, Indian law enforcement agencies announced the blocking of WazirX assets for $8.14 million for the refusal of the management of the trading platform to cooperate.
Source: Bits
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