India’s finance minister has warned investors regarding cryptocurrency as the nation’s Enforcement Directorate (ED) scrutinizes several crypto exchanges and freezes the assets of some trading platforms.
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| Crypto Exchange |
Nirmala Sitharaman our Finance Minister warns about Crypto.
The government has already alerted. I think all of us will have to share our thoughts and move with a bit of notification on this.
On Thursday, News18 informed that the finance minister asked investors to exercise a warning on crypto, highlighting that a new law on cryptocurrency is arriving soon.
Reacting to the ED’s allegations, Vauld released a statement Saturday revealing that it fully cooperated with the ED and provided all the required information and documents after receiving a summons in July. Commenting that the freeze order is specific to one customer whose account was deactivated after using the exchange’s services for a brief period of time, the company spotlighted:
We respectfully clash with the freezing order. We obey strict KYC essentials in every country, including India.
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| Crypto Seized |
“We are pursuing lawful direction on our best practice of action in order to defend the interests of the company, its customers, and all the stakeholders,” Vauld detailed.
Her statements came as India’s Enforcement Directorate (ED) examines cryptocurrency exchanges in concern to its money-laundering inquiries. The regulation enforcement agency has frozen the support of at least two cryptocurrency exchanges this month. Wazirx‘s bank buys worth $8 million were frozen on Aug. 5 and Vault's bank and crypto buys worth about $46 million were frozen last week.
Both exchanges Wazirx and Vauld seized the transactions and for time being users faced the issues. Maybe this action also impacts other exchanges too. CoinDCX also seized all currency transfers to the other vault for now, and also the user suffers from the time. CoinDCX support team said We are unable to offer crypto transfers for retail customers at the moment while we seek regulatorily clarity on crypto transfers. Who knows the real reason behind this but surely it will impact most of the Crypto exchanges.
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