Skip to main content

India Reportedly Investigating Binance in Chinese Money Laundering Case

India Reportedly Investigating Binance in Chinese Money Laundering Case

Indian authorities are reportedly investigating cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case that raked in more than 10 billion rupees ($134 million).

Binance’s Regulatory Troubles Continue

India is reportedly investigating whether the global cryptocurrency exchange Binance had any role in a Chinese money laundering scheme involving betting apps, local media reported Friday, citing people with knowledge on the matter.

The country’s Enforcement Directorate (ED), a law enforcement agency under the Ministry of Finance, has summoned Binance’s executives for questioning, according to the people who asked not to be identified as the matter is still under investigation.

The case centers around betting apps run by Chinese operators. They allegedly raked in more than 10 billion rupees over the past 10 months. They were suspected of laundering part of the money through local Indian crypto exchange Wazirx, which was acquired by Binance in 2019.

Responding to the news, Binance said in a statement:

We did not receive any summons in June or July of this year. As per available info in the public domain, the summons was directed to only Wazirx.

The exchange continued: “We work closely with regulators, law enforcement and industry leaders around the world to further the security and sustainability of the industry while providing the best services and protection to our users.”

A growing number of regulators worldwide have warned Binance about operating in their jurisdictions without being authorized. They include regulators in Malaysia, Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.

Commenting on mounting regulatory scrutiny, Binance’s CEO, Changpeng Zhao, said that the company is looking for a CEO with a strong compliance background and Binance wants to be licensed everywhere and become a financial institution.

What do you think about India investigating Binance and other regulators warning about the exchange? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3C0ZGbu

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...