India’s largest money-laundering agency is going to be examining if Binance Holdings Ltd. had a role is going to play and ongoing investigation for involving the betting apps as according to the people’s knowledge of the ongoing matter.
Earlier, the Enforcement Directorate has summoned its Binance executives in for questioning, and it’s waiting for its response, the people said, it’s asking not to be identified as the matter is under investigation. Since India is probing on the betting apps which is although run by Chinese operators and has collected approx more than 10 billion rupees which is round off up to $134 million from over a past 10 months into allegedly money-laundering through WazirX cryptocurrency exchange. Binance is incorporated with WazirX in 2019.
An enforcement directorate (ED)’s spokesperson didn’t respond to calls, but an email to Binance wasn’t answered immediately. The ED has already issued a show-cause notice to WazirX on contravention of foreign exchange management rules in tractions involving cryptocurrency which is worth around 27.9 billion.
Indian agency found that Binance didn’t collect necessary know-your-customer documents from clients in most of the transactions as mentioned by the people. The exchange also didn’t collect any information in detail by the global anti-money laundering watchdog of the Financial Action Task Force for its virtual currencies as mentioned by them.
