INSUBCONTINENT EXCLUSIVE:
It was found that Binance didn't collect necessary KYC documents from clients in most transactionsIndia's anti-money laundering agency is
examining if Binance Holdings Ltd
had a role to play in an ongoing investigation involving betting apps, according to people with knowledge of the matter.The Enforcement
Directorate has summoned Binance executives for questioning and is awaiting a response, the people said, asking not to be identified as the
million) over the past 10 months, for allegedly laundering part of the money through the WazirX cryptocurrency exchange
Binance acquired WazirX in 2019.Incorporated in the Cayman Islands without any corporate headquarters, Binance has been facing regulatory
crackdown as nations intensify scrutiny of the industry amid concerns that cryptocurrencies are being used to conceal proceeds of money
laundering, drug dealing and terrorism.The operators of the apps used wallets with WazirX for buying, converting and transferring the money
to wallets on Binance's platform, the people said
The enforcement directorate has already issued a show-cause notice to WazirX over alleged contravention of foreign exchange management rules
in transactions involving cryptocurrencies worth Rs 2,790 crore.An enforcement directorate spokesperson didn't respond to calls
A Binance representative didn't have an immediate comment on the issue.The agency found that Binance didn't collect necessary
know-your-customer documents from clients in most of the transactions, the people said
The exchange also didn't collect information detailed by global anti-money laundering watchdog the Financial Action Task Force (FATF) for
virtual currencies, they added.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from
