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HomeBusinessED unfreezes bank accounts of WazirX after long investigation

ED unfreezes bank accounts of WazirX after long investigation

After many days of inquiries, the Directorate of Enforcement (ED) has unfrozen WazirX bank accounts, allowing the business to resume regular banking operations, according to a Monday statement from WazirX.

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New Delhi: After many days of inquiries, the Directorate of Enforcement (ED) has unfrozen WazirX bank accounts, allowing the business to resume regular banking operations, according to a Monday statement from WazirX.

Taking it to Twitter, WazirX said, “The ED has unfrozen the bank accounts of WazirX. In cooperation with investigators, WazirX provided all necessary details and documents of the alleged accused companies that used the WazirX platform.”

Also Read :-SBI plans to revamp its current and savings accounts policies amid rising credit demand

The company further clarified that it has no association with any of the alleged accused fintech and instant loan app entities, “which appear to be the subject of ED investigation, and is carrying out the KYC, AML checks despite having no legal obligation to do so.”

Furthermore, WazirX clarified that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were blocked in 2020-2021.

Earlier, On August 10, Zanmai Labs which is co-operated by Binance, WazirX clarified that the ED appears to be investigating the transactions of certain users and Zanmai Labs has “no affiliation to such users and is unaware about the purpose of their transactions.”

Also Read :-Blind adoption of new fintechs without proper understanding could have adverse affect: RBI ED

The relationship among Binance and WazirX grew to become bitter after the Enforcement Directorate (ED) iced up financial institution balances to the music of Rs 64.sixty seven crore of the administrators of Zanmai on August 5, 2022. The public dispute has left approximately 15 million registered customers at the structures stranded.

It is thought that Zanmai Labs, run with the aid of using Nischal Shetty and different founders, will choose a criminal route. This despatched shockwaves to the marketplace especially, whilst Binance introduced its acquisition of WazirX, in a weblog submit on November 21, 2019. In reaction to this, Changpeng Zhao, CEO, of Binance, via a sequence of tweets, formally clarified that his employer by no means finished the purchase of WazirX.

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