• Binance is reportedly being investigated by India in a Chinese money laundering case

  • According to reports, Indian authorities are looking into cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case worth more than 10 billion rupees ($134 million).

    Binance’s Regulatory Problems Persist

    According to local media on Friday, India is examining whether the global cryptocurrency exchange Binance played any involvement in a Chinese money laundering scam using betting apps.

    According to insiders who asked not to be identified because the situation is still being investigated, the country’s Enforcement Directorate (ED), a law enforcement agency under the Ministry of Finance, has summoned Binance executives for questioning.

    The issue revolves around betting apps operated by Chinese companies. They allegedly made more than ten billion rupees in the last ten months. They were suspected of laundering some of the money through Wazirx, a local Indian crypto exchange bought by Binance in 2019.

    Binance issued the following statement in response to the news:

    In June and July of this year, we received no summons. According to publicly available information, the summons was only issued to Wazirx.

    “We work together with regulators, law enforcement, and industry experts around the world to improve the security and sustainability of the industry while delivering the finest services and protection to our users,” the exchange stated.

    An increasing number of regulators throughout the world have warned Binance against operating in their territories without authorization. Malaysia, Japan, the United Kingdom, the Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania are among them.

    Binance’s CEO, Changpeng Zhao, commented on the increasing regulatory scrutiny, saying that the business is searching for a CEO with solid compliance experience and that Binance wants to be licensed everywhere and become a financial institution.

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