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Enforcement Directorate show cause notice to WazirX for crypto transactions worth Rs 2,790 crore

Enforcement Directorate on June 11 issued a show cause notice to WazirX Cryptocurrency exchange under the Foreign Exchange Management Act (FEMA) 1999 for alleged transactions involving cryptocurrencies worth Rs 2,790.74 crore https://twitter.com/dir_ed/status/1403256929435017217?s=08 In a statement issued by the Enforcement Directorate, and verified by MediaNama, the agency said that it initiated the FEMA investigation on the basis of the ongoing probe into Chinese-owned illegal betting applications. The agency also said that the notice was issued to WazirX CEO Nischal Shetty and Co-founder Sameer Hanuman Mhatre. Nischal Shetty, CEO of WazirX told MediaNama, "WazirX is yet to receive any show cause notice from the Enforcement Directorate as mentioned in today's media reports. WazirX is in compliance with all applicable laws. We go beyond our legal obligations by following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and have always provided…

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Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

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