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India's Enforcement Directorate (ED) is investigating at least 10 crypto exchanges for allegedly assisting foreign firms launder money via crypto, according to an After conducting raids on WazirX, the Enforcement Directorate (ED) is investigating over ten crypto exchanges for alleged money laundering of Rs 1o billion. The authority is investigating alleged money laundering cases over Rs 1,000 crore involving at least 10 crypto exchanges, most of them having a China link, according to When the ED traced a few investors on the basis of their KYC they reportedly turned out to be fake. New Delhi: As many as ten crypto exchanges were under the New Delhi: At least ten cryptocurrency exchanges are under the radar of the Enforcement Directorate (ED) for allegedly laundering over Rs 1,000 crore identified as

10 Crypto Exchanges Under Scrutiny in India for Alleged Money Laundering

India's Enforcement Directorate (ED) is tightening its grip on the cryptocurrency market, investigating at least 10 crypto exchanges for allegedly assisting foreign firms in laundering money through crypto assets. This crackdown follows earlier raids on WazirX, and signals a significant escalation in regulatory oversight within the Indian crypto space.

The Enforcement Directorate (ED) is actively investigating over ten crypto exchanges for alleged money laundering of Rs 10 billion (approximately $120 million USD). The authority is pursuing alleged money laundering cases involving over Rs 1,000 crore (approximately $120 million USD) linked to at least 10 crypto exchanges, with reports suggesting many of these exchanges have connections to China.

ED Probes Uncover Potential Money Laundering Schemes

The investigation intensified when the ED traced several investors based on their Know Your Customer (KYC) information, only to discover that many were reportedly fake. This revelation raises serious concerns about the integrity of KYC processes employed by these exchanges and their potential vulnerability to illicit activities. New Delhi: At least ten cryptocurrency exchanges are under the radar of the Enforcement Directorate (ED) for allegedly laundering over Rs 1,000 crore identified as proceeds of crime.

Key Highlights of the Crypto Exchange Money Laundering Investigation:

  • 10 Crypto Exchanges Under Investigation: The ED is scrutinizing the activities of at least ten cryptocurrency exchanges operating in India.
  • Rs 1,000 Crore Money Laundering Allegations: The authority is investigating alleged money laundering cases over Rs 1,000 crore.
  • Foreign Firm Assistance: The investigation focuses on how these exchanges may have facilitated money laundering for foreign companies through crypto transactions.
  • Fake KYC Documentation: Discovery of fraudulent KYC information raises concerns about compliance and security protocols.
  • China Link: Reports suggest potential connections between some of the exchanges under investigation and entities in China.

The New Delhi: As many as ten crypto exchanges were under the spotlight as the ED works to uncover the full extent of these alleged money laundering operations and to ensure compliance with Indian financial regulations. The outcome of these investigations could have significant implications for the future of cryptocurrency regulation and usage in India. Stay tuned for updates as this story develops.

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