TechBizWebTechBizWeb

    Subscribe to Updates

    Get the latest news about Technology and Business from all around the web..

    What's Hot

    Digital fraud in the pandemic world

    August 8, 2022

    Nvidia Q2 gaming revenue falls short of 2021’s mark by over a billion dollars

    August 8, 2022

    Greek prime minister ‘unaware’ opposition politician’s phone was bugged

    August 8, 2022
    Facebook Twitter Instagram
    • About Us
    • Privacy Policy
    • Guest Post
    • Terms
    • Contact
    Facebook Twitter Instagram
    TechBizWebTechBizWeb
    Subscribe
    • Home
    • Technology

      Nvidia Q2 gaming revenue falls short of 2021’s mark by over a billion dollars

      August 8, 2022

      99 percent of Netflix subscribers haven’t tried its games yet

      August 8, 2022

      How to start experimenting with Google Lens

      August 8, 2022

      Leaked video shows DJI’s rumored cinewhoop FPV drone in action

      August 8, 2022

      Google sues Sonos over smart speaker and voice control tech

      August 8, 2022
    • Business
    • Cyber Security

      Deepfakes, cyber extortion, API attacks and other emerging cyber threats

      August 8, 2022

      The top identity-based attacks and how to stop them

      August 8, 2022

      Top malware strains observed in 2021

      August 5, 2022

      $9 million research grant targets software supply chain security

      August 5, 2022

      Annette Southgate named Director of Security at Cranfield University

      August 5, 2022
    • Blockchain
    • Vulnerabilities
    • Social Engineering
    • Malware
    • Cyber Security Alerts
    TechBizWebTechBizWeb
    Home»Blockchain»WazirX Faces Sanction For Abating Illegal Loan App Companies
    Blockchain

    WazirX Faces Sanction For Abating Illegal Loan App Companies

    August 6, 2022Updated:August 6, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Asian crypto exchange WazirX which has been under the probe of the Indian enforcement agency, Directorate of Enforcement has finally had its bank assets seized. 

    Cumulatively, the frozen bank assets are worth about Rs. 64.67 crores which is approximately $8.13 million at current market value.

     

    After several investigations, including probing the directors of Zanmai Labs Private Limited (WazirX) Nischal Shetty and Sameer Hanuman Mhatre the Enforcement Directorate (ED), has decided that WazirX is involved in a money laundering case.

     

    The cryptocurrency exchange, WazirX is a subsidiary of Binance Holdings Limited the world’s largest crypto exchange by market capitalization. 

     

    WazirX was accused of conniving with Loan App companies who were already under the radar for laundering customers’ funds. With assistance from WazirX, these fraudulent companies could divert the money from their laundering activities to crypto wallets. So far, the Indian crypto exchange offers this illegal service to about 16 financial technology companies.

     

    WazirX Failed to Conduct KYC Procedures

     

    WazirX complicated ownership structure is posing as an impediment to the case.  

     

    Although, a show cause notice was issued under the provisions of the FEMA against the crypto platform to justify its actions. From all indications, The exchange failed to conduct an appropriate know-your-customer (KYC) procedure or any enhanced due diligence (EDD) on any of these companies. 

     

    Also, no suspicious transaction report (STR) was submitted to inform the Financial Intelligence Unit (FIU) authorities of the skeptical activities of these Loan App companies. Interestingly, most of the transactions between WazirX and the companies were not recorded on the blockchain.

     

    A statement from the probe reads, “While doing fund trail investigation, ED found that a large number of funds was diverted by the fintech companies to purchase crypto assets and then launder them abroad. These companies and the virtual assets are untraceable at the moment.”

     

    Meanwhile, Wazirx has been on the radar of the Indian authorities for so many counts. It allegedly violated the Indian Foreign Exchange Management Act (FEMA). At another time, it was listed by the State Minister for Finance for the Indian government, Pankaj Chaudhary as one of the crypto firms which had successfully evaded tax.

    Image source: Shutterstock

    bitcoin blockchain News
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Tiffany & Co.’s 250 NFTiffs Sold Out, Generates nearly $13M in Revenue

    August 8, 2022 Blockchain

    Crypto Downturn Hits Luxury Watches Market Sales

    August 8, 2022 Blockchain

    BORA to Establish Cross Chain with Polygon in expanding Web 3.0 Market: KBW 2022

    August 8, 2022 Blockchain

    Dubai Sees Crypto as Stepping Stone Towards Global Tech Hub

    August 8, 2022 Blockchain

    Crypto.com Aims at Expansion in South Korea amid Crypto Meltdown

    August 8, 2022 Blockchain

    Luxury Car Purchases by Crypto Doubled to $12m in 2021, Says AutoCoinCars Executive

    August 8, 2022 Blockchain
    Editors Picks

    Nvidia Q2 gaming revenue falls short of 2021’s mark by over a billion dollars

    August 8, 2022

    Greek prime minister ‘unaware’ opposition politician’s phone was bugged

    August 8, 2022

    Deepfakes, cyber extortion, API attacks and other emerging cyber threats

    August 8, 2022

    99 percent of Netflix subscribers haven’t tried its games yet

    August 8, 2022
    Trending Now

    SoftBank/Son: downhill march proves painful for Grand Old Duke of Tech

    By techbizweb

    Leaked video shows DJI’s rumored cinewhoop FPV drone in action

    By techbizweb

    Crypto Downturn Hits Luxury Watches Market Sales

    By techbizweb

    https://www.nationalsportsacademy.com

    slot gacor hari ini

    http://www.inadesfo.org/

    http://www.eueomgbissau.org/

    http://www.congo-mai-mai.net/

    http://www.angelesdelafrontera.org/

    http://fifaworldcup2018schedule.com/

    http://tony4gtrmcr.co.uk/

    http://www.standrewsagreement.org/

    http://www.bob-russell.co.uk/

    http://davidmulholland.co.uk/

    http://railwayhotelenniskillen.com/

    http://www.fantasysportstrades.com/

    http://www.rainleaf-flooring.com

    http://mothersagainstguns.org/

    http://ma-coc.org/

    slot online

    http://www.paradoxmag.com/situs-judi-slot-online-gampang-menang-2021/

    http://www.paradoxmag.com/situs-judi-slot-online-terbaru-2021/

    http://slot-terbaru.net/

    Slot Gacor

    Slot Online

    Situs Slot Gacor

    http://www.appdexterity.com/

    https://cars4kids-deutschland.de/

    https://www.stretchingculture.com/

    https://www.b-123-hp.com/slot-gacor/

    https://denzstaffing.nl/

    https://ezbbqcooking.com/slot-gacor/

    https://www.mbahelp24.com/slot-gacor

    https://minhtanstore.com/slot-jackpot-terbesar/

    https://njbpusupplierdiversity.com/slot-gacor-gampang-menang/

    https://www.floridaspecialtycropfoundation.org/slot-gampang-menang/

    https://childrenscornerpreschool.org/slot-gacor-gampang-menang/

    https://cryptoquoter.com/slot-online-terbaik/

    https://alorkantho24.com/slot-gacor/

    https://ellas.xyz/slot-gacor/

    https://it.dougamatome.xyz/slot-online/

    https://www.daltercume.com/slot-gacor/

    https://josi-ana.dougamatome.xyz/slot88/

    https://josi-ana.dougamatome.xyz/slot-gacor/

    https://fastobserver.com/slot-jackpot-terbesar/

    https://www.planetexperts.com/slot-gacor/

    https://bfsolution.group/slot-bet-kecil/

    https://rustleva.co/slot/

    https://bfsolution.group/slot-bet-kecil/

    https://www.hotelcalimareal.com/togel-online/

    https://anime-game.dougamatome.xyz/slot-gacor-gampang-menang/

    https://anime-game.dougamatome.xyz/togel-online/

    https://bourbonbarrelfoods.com/slot/

    http://suneo39.wp.xdomain.jp/slot/

    https://techbizweb.com/slot-gacor/

    https://www.generalcatalyst.com/18-daftar-slot-gacor-terbaik-gampang-menang-jackpot-hari-ini/

    https://www.hotelcalimareal.com/slot-online/

    https://www.blockgates.io/slot-gacor/

    https://l12.com.br/slot-gacor/

    slot paling gacor

    https://www.donalds-hobby.com/slot-online/

    https://thecryptodirt.com/slot-gacor-hari-ini/

    http://iseta.edu.ar/aulavirtual/app/upload/users/1/1205/my_files/sbobet.html

    http://escuelavirtual.mincit.gov.co/app/upload/users/1/194/my_files/slot.html

    https://www.dev.medecinesfax.org/courses/JUDICASINO/document/slot.html

    http://www.e-archivos.org/cursos/courses/JUDICASINO/document/slot-gacor.html

    http://iesma.com.br/ead/main/upload/users/4/447/my_files/slot.html

    https://www.fundacoop.org/chamilo/app/upload/users/1/1185/my_files/slot.html

    https://fata-aatf.org/eskola/main/upload/users/3/31/my_files/slot.html

    https://uancv.edu.pe/ofinvestigacion/app/upload/users/3/328/my_files/slot-terlengkap.html

    https://micost.edu.my/EL/app/upload/users/2/209/my_files/slot-gacor.html

    https://www.academiacoderdojo.ro/elearningdev/app/upload/users/2/2442/my_files/slot-online.html

    http://campus-cidci.ulg.ac.be/courses/JUDICASINO/document/slot-termurah.html

    https://www.escueladerobotica.misiones.gob.ar/aula-ste/courses/LIVECASINO/document/slot-tergacor.html

    http://ccdipeepccqqfar.usac.edu.gt/chamilo/app/upload/users/3/358/my_files/slot-online.html

    https://cunori.edu.gt/campus/app/upload/users/7/7334/my_files/slot-online.html

    http://u-rus.com.ar/aula/app/upload/users/1/1322/my_files/slot.html

    http://icrodarisoveria.edu.it/chamilo/app/upload/users/1/1855/my_files/slot.html

    https://iestpliliagutierrez.edu.pe/clarolgm/courses/CASINO/document/slot.html

    http://pva.cobach.edu.mx/app/upload/users/7/7379/my_files/slot.html

    http://www.imb-pc-online.edu.gt/PL/app/upload/users/3/373/my_files/slot.html

    http://avcs.upeu.edu.pe/main/upload/users/3333/my_files/slot.html

    https://chamilo.fca.uas.edu.mx/app/upload/users/1/11186/my_files/slot-online/

    TechBizWeb
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    • Guest Post
    • About Us
    • Privacy Policy
    • Our Authors
    • Terms and Conditions
    • Contact
    © 2022 Tech Biz Web. Developed by Sawah Dev.

    Type above and press Enter to search. Press Esc to cancel.