Crypto racket busted; notice to WazirX

The Enforcement Directorate on Friday said it had unearthed a big money laundering racket involving Chinese nationals who used cryptocurrency exchanges in India to launder huge funds out of the country. The agency issued a showcause notice to WazirX, one of India’s biggest crypto exchanges, for transactions worth Rs 2,800 crore.

In a statement, the ED said its probe found that WazirX helped Chinese owned illegal online betting applications launder money from India by converting deposits in Indian currency to cryptocurrency tether. 

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