Investigators from the Enforcement Directorate (ED) have scrutinized 16 fintech firms and instant loan applications. A few of them have operated through the WazirX platform. To assist the investigations, the Indian crypto exchange has given them all the crucial details, data, and documentation about the suspected accused businesses that allegedly used its platform. No-Tolerance Policy Of WazirX WazirX strictly prohibits using the platform for any unlawful operations and requires all users to take advantage of it only for legitimate, legal purposes. Users of the bitcoin exchange agree to abide by all relevant laws when using the service. In addition, the business confirms that it is not associated with any of the purported accused Fintech and Instant Loan App firms that appear to be the center of an ED investigation, and it is performing the KYC/AML checks despite being under no duty to do so. WazirX is comparable to any other middleman whose platform has the potential to be misused. Identifying Suspicious Users After conducting a thorough internal investigation, the Indian exchange discovered that majority of the users whose data was asked by ED had previously been marked as suspicious and prohibited by WazirX in 2020–2021. The ED has defrosted the exchange’s bank accounts as a result of the company’s active cooperation and active anti-money laundering (AML) inspections that resulted in the banning of suspicious accounts. Wazi...
