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India’s financial crime agency said on Friday that WazirX, one of the country’s largest cryptocurrency exchanges, was under investigation for alleged violation of foreign exchange regulations involving transactions in the country. ‘worth 27.90 billion rupees ($ 381.93 million).
The Federal Directorate of Enforcement revealed the launch of the investigation in a tweet. WazirX – which was acquired in 2019 by Binance, the world’s largest digital exchange bureau – did not immediately respond to an email seeking comment.
The investigation comes as the Indian government hesitates over introducing a law that could ban cryptocurrencies.
The government was due to present a bill to parliament in March that proposed a ban on cryptocurrencies, making their trading and holding illegal. But the bill was not tabled during the session and since then conflicting statements have added to the uncertainty over the fate of the bill.
($ 1 = 73.0500 Indian rupees)
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