WazirXCaught trends on Twitter India, company releases statement

Enforcement Directorate (ED) issued a show cause notice to WazirX, the largest crypto exchange in India for transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA)

WazirX does not collect the requisite documents in clear violation of the basic mandatory anti-money Laundering (AML) and combating financing of terrorism (CFT) norms and also FEMA guidelines, ED said.

Trending on Twitter #WazirXCaught, with the recent bull run of cryptocurrency in India, there are a lot of Indians who have been participating and trading on platforms like Binance, WazirX, Zebpay and many others.

The company Official Twitter account has tweeted a statement :

Statement on the recent news:

On June 11, 2021, WazirX had received an email from the NCB enquiring about the said accused and his trading activity on WazirX. Upon checking our records, we identified that the accused is not a WazirX user, and we communicated the same to the

1/3
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 18, 2021

authorities on June 12, 2021.

That being said, we want to reiterate that WazirX follows global best practises on KYC and AML compliances and has a robust transaction monitoring system in place. We perform a stringent KYC verification of every user to verify their identity

2/3
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 18, 2021

as well as perform a secondary KYC verification through linked bank accounts of users before allowing a customer to transact on WazirX.

We allow only KYC-verified and whitelisted accounts to withdraw funds from our exchange.

3/3
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 18, 2021