Instant app-based loan case: Nine crypto exchanges under ED scanner – Business Standard

Rs 64.67-crore bank accounts of WazirX frozen under PMLA after search ops

At least nine cryptocurrency exchanges are under the Enforcement Directorate (ED) scanner for allegedly assisting China-backed fintech firms in salting away their profits abroad.

This is supposedly being done through predatory lending practices and buying virtual digital assets or crypto assets before sending them overseas.

“We have issued summons to three-four big cryptocurrency exchanges. Preliminary investigation shows these exchanges have facilitated transactions of several fintech firms by flouting AML (anti-money laundering) and KYC (know your customer) norms, a senior official told Business Standard.

“They (the exchanges) have not kept records of the transactions these firms made through digital assets, and even gave loose ends so that the money could be transferred abroad without regulatory checks. No KYC norms were followed during the buying and transferring of crypto assets,” the official said.

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source: https://news.oneseocompany.com/2022/08/05/instant-app-based-loan-case-nine-crypto-exchanges-under-ed-scanner-business-standard_2022080526219.html

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