New Delhi: India’s anti-money laundering body is checking whether binance holdings Ltd.
Acting in a sustainable investigation involving betting applications, according to people with knowledge about this problem.
The enforcement directorate has called Binance executives to be questioned and is waiting for responses, said people, asking not to be identified because this problem is being investigated.
India investigated betting applications run by China operators, which collected more than RS 1,000 Crore ($ 134 million) for the past 10 months, because it was thought to wash the part of the money through the exchange of Wazirx Cryptocurrency.
Binance acquired Wazirx in 2019.
Incorporated in the Cayman Islands without the company’s head office, Binance has faced regulatory crackdown because countries intensify industrial supervision amid fears that the cryptocurrency is used to hide the results of money laundering, drug transactions and terrorism.
Application operators use a wallet with Wazirx to buy, change and transfer money to the wallet on the binance platform, the people said.
The enforcement directorate has issued a notification of performances to Wazirx for allegations contrary to the rules of foreign exchange management in transactions involving Cryptocurrency worth Rs 2,790 Crore.
A spokesman for the Enforcement Directorate did not respond to a call.
Representatives of Binance have no comments directly about this problem.
The Indian Agency found that binance did not collect the documents of your knowledge needed from clients in most transactions, people said.
The exchange also did not collect information detailed by the global anti-laundering money supervisor of the financial action assignment (FATF) for the virtual currency, they added.