Indian authorities freeze more crypto funds over money laundering allegations
The Indian Directorate of Enforcement froze $46.4 million in the accounts of Vauld’s Indian branch until the exchange can account for the criminal proceeds it transferred out of the country. India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is the second time this....
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The Indian crypto exchange was under investigation by local authorities for money laundering allegations which caused a freeze on over $8.1 million in bank account funds. The Enforcement Directorate of India (ED) unfroze the bank accounts of the Indian crypto exchange WazirX, according to a statement from the exchange released on Sept. 12.WazirX says it has been cooperating with local authorities during their anti-money laundering (AML) investigation by providing all of the necessary documents and details requested. The investigation targeted 16 fintech companies and instant loan apps,....
Major crypto exchange Binance replied to a report published by media outlet Reuters. The controversial report claims Binance has been key to allegedly support illicit activity around the world, failed to provide assistance to authorities to prevent money laundering cases, and failed at imposing a robust Know Your Customer (KYC) policy. Related Reading | U.S. Links […]
The government of the United Kingdom introduced the “Seize, Freeze, and Recover” crypto asset bill into Parliament. This new bill provides law enforcement agencies with more power to seize, freeze, and recover crypto assets. The bill specifically targets those who are engaged in criminal activities such as money laundering, drugs, and cybercrime, along with crypto, […]
India’s Enforcement Directorate (ED) says it has frozen more than 77.6 bitcoins that were transferred to Binance from Indian crypto exchange Wazirx. The freeze is part of a money laundering investigation into a mobile gaming application.
Indian Authority Freezes Bitcoin Held at Crypto Exchange Binance
India’s Directorate of Enforcement (ED) announced Wednesday that it has frozen 77.62710139 bitcoins under the country’s Prevention of Money Laundering Act (PMLA). The ED is the Indian government’s law enforcement and economic intelligence agency.
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Ripple, the so-called decentralized payment network, has frozen funds worth more than US$1 million that belong to the company’s former co-founder Jed McCaleb. Since their initial launch, Ripple has represented themselves to the public as a payment network of “decentralized” gateways that convert different assets or types of payments—such as bitcoin or Paypal—into IOUs tradeable in the Ripple network. On August 1, 2014, Ripple introduced a feature called “Balance Freeze” which allowed the network’s gateways to freeze and prevent funds from being traded, an action that they claimed was....