The Indian cryptocurrency exchange WazirX has resumed operations after the Directorate of Enforcement (ED) unfroze its bank accounts. The ED has been investigating 16 fintech companies and instant loan apps.
Among them, some happened to use the WazirX platform. The crypto exchange has been cooperating with the ED investigators by providing them with the required details, documents and information of the alleged accused companies that used the WazirX platform.
Following a thorough internal investigation, WazirX discovered that the majority of the users whose information was requested by the ED had already been identified by WazirX as suspicious and blocked in 2020 and 2021.
WazirX further clarified that it has no association with any of the alleged accused Fintech and Instant loan entities that appear to be the focus of the ED investigation. It also stated that is carrying out AML/KYC checks despite no legal obligation to do so.
Due to continuous cooperation by WaxirX and active Anti-money laundering (AML) checks that led to the blocking of suspicious accounts, ED has unfrozen bank accounts. Now, WazirX is in a position to continue its banking operations as usual.