{"id":7503,"date":"2022-09-30T04:04:08","date_gmt":"2022-09-30T04:04:08","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=7503"},"modified":"2022-09-30T04:04:08","modified_gmt":"2022-09-30T04:04:08","slug":"india-freezes-bitcoin-at-binance-amid-investigation-involving-crypto-exchange-wazirx","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7503","title":{"rendered":"India Freezes Bitcoin at Binance Amid Investigation Involving Crypto Exchange Wazirx"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>India\u2019s Enforcement Directorate (ED) says it has frozen more than 77.6 bitcoins that were transferred to Binance from Indian crypto exchange Wazirx. The freeze is part of a money laundering investigation into a mobile gaming application.<\/strong><\/p>\n<h2>Indian Authority Freezes Bitcoin Held at Crypto Exchange Binance<\/h2>\n<p>India\u2019s Directorate of Enforcement (ED) announced Wednesday that it has frozen 77.62710139 bitcoins under the country\u2019s Prevention of Money Laundering Act (PMLA). The ED is the Indian government\u2019s law enforcement and economic intelligence agency.<\/p>\n<p>The freeze is part of the ED\u2019s investigation into a mobile gaming application called E-nuggets. According to the announcement, the cryptocurrency was transferred from Wazirx, a popular Indian exchange, to Binance. The ED also tweeted a summary of its action.<\/p>\n<\/p>\n<p>The law enforcement agency explained that \u201cAamir Khan, S\/o Nesar Ahmed Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding [the] public,\u201d adding:<\/p>\n<p>After collecting seizable amount of money from the public, all of a sudden withdrawal from the said app was stopped on one pretext or the other. Thereafter, all data including profile information was wiped off from the said app servers.<\/p>\n<p>The ED explained that its investigations have revealed that the accused transferred part of the illegally earned funds overseas via the Indian crypto exchange Wazirx.<\/p>\n<p>The accused allegedly opened a dummy account in the name of \u201cSima Naskar (Proprietor of M\/s Pixal Design)\u201d with Wazirx and used it to purchase cryptocurrencies, the ED further described, elaborating:<\/p>\n<p>Thereafter the said crypto currencies were further transferred to another account in another crypto exchange, namely Binance.<\/p>\n<p>\u201cThe balance of said transferred cryptocurrencies i.e. 77.62710139 bitcoins [equivalent to USD 1,573,466 (Rs 12.83 crore approximately)] at Binance crypto exchange has been freezed,\u201d the ED wrote.<\/p>\n<p>Binance was believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently said that the acquisition \u201cwas never completed,\u201d emphasizing that \u201cBinance has never \u2014 at any point \u2014 owned any shares of Zanmai Labs, the entity operating Wazirx.\u201d<\/p>\n<p>The ED froze the bank assets of Wazirx worth more than $8 million in August. However, earlier this month, Wazirx said that its bank accounts have been unfrozen. Following Wazirx, the ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched crypto exchange Coinswitch Kuber. However, the CEO of the exchange said that it was not related to money laundering investigations.<\/p>\n<p><em><strong>What do you think about the ED freezing bitcoin held at crypto exchange Binance? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/india-freezes-bitcoin-at-binance-amid-investigation-involving-crypto-exchange-wazirx\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Enforcement Directorate (ED) says it has frozen more than 77.6 bitcoins that were transferred to Binance from Indian crypto exchange Wazirx. The freeze is part of a money laundering investigation into a mobile gaming application. Indian Authority Freezes Bitcoin Held at Crypto Exchange Binance India\u2019s Directorate of Enforcement (ED) announced Wednesday that it has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7503"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7503\/revisions"}],"predecessor-version":[{"id":7505,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7503\/revisions\/7505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7504"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}