Indian regulator probes crypto exchange for alleged forex law violations
The Directorate of Enforcement issued a show-cause notice to the crypto exchange for allowing clients to transfer cryptocurrencies without following the law of the land. Mumbai-based crypto exchange WazirX has been the target of much of India’s regulatory heat as the company continues to attract local investors. In the latest run-in with the government, the Directorate of Enforcement (ED) issued a show-cause notice to WazirX for allegedly violating the Foreign Exchange Management Act in relation to transactions worth 2,790.74 crore rupees (~$372 million).As per The Economic Times, the....
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The Andreessen Horowitz-backed crypto exchange is the latest on the Enforcement Directorate’s anti-money laundering hit list. Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws. According to an Aug. 25 report from Bloomberg, India’s Enforcement Directorate searched CoinSwitch Kuber’s offices as well as the residences of its directors and CEO Ashish Singhal. A source told the publication the crypto exchange is under suspicion of acquiring shares worth more than $250 million in....
India’s Enforcement Directorate will probe crypto exchange WazirX for alleged violations of AML laws and FEMA in connection with crypto transactions worth $389 million. The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India’s Foreign Exchange Act (FEMA). The probe was publicly announced in an official tweet today from India’s Enforcement Directorate (ED):ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. 2790.74....
In the past, there was only one Indian regulator that campaigned for crypto and represented the sector before the people of India. Today, that very entity will no longer exist. Authorities in India are set to disband the Blockchain and Crypto Assets Council, a move seen as a blow to the digital currency industry. In […]
The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products.
SEBI’s Crypto Advertising and Endorsement Proposal
The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products,....
The U.S. Securities and Exchange Commission (SEC) has revealed that there are benefits for cryptocurrency companies to self-report their violations of securities laws to the regulator. While noting that there will be no amnesty, the SEC enforcement director said, “We’ll view their conduct more favorably if they come in — such as what the remedies will look like.” No Amnesty for Crypto Firms Cryptocurrency companies that self-report violations of security laws to the U.S. Securities and Exchange Commission (SEC) cannot expect amnesty but there are some benefits,....