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.
source link : https://news.bitcoin.com/india-reportedly-investigating-binance-in-chinese-money-laundering-case/
