BENGALURU: Crypto exchange WazirX on Monday said that the Enforcement Directorate (ED) has unfreezed the bank accounts of the exchange, and that it is now in a position to continue its banking operations as usual.
Last month, the ED conducted searches on one of the directors of Zanmai Lab, which owns WazirX, and froze their bank balances worth Rs 64.67 crore.
The federal agency has been conducting money laundering investigations against many non-banking financial companies and their fintech partners for predatory lending practices in violation of the RBI guidelines.
WazirX said in a blog post, "After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021."
The crypto exchange said it has no-tolerance policy towards any illegal activities using its platform and mandates the users to use it for legal and bonafide purposes only.
It also clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and is carrying out the KYC/AML checks despite having no legal obligation to do so.
"WazirX is like any other intermediary whose platform may have been misused," the exchange added.