ED issues FEMA notice to cryptocurrency exchange WazirX

ed issues fema notice to cryptocurrency exchange wazirx

Sumary of ED issues FEMA notice to cryptocurrency exchange WazirX:

  • The Enforcement Directorate on Friday said it has issued a show cause notice to the country’s largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA)..
  • “In the period under investigation, users of WazirX via its pool account, have received incoming cryptocurrency worth Rs 880 crore from Binance accounts and transferred out cryptocurrency worth Rs 1,400 crore to Binance accounts….

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