After ED raids on Wazirx, Other cryptocurrency exchanges that are under the ED lens. The authority is investigating alleged money laundering cases of over Rs 1,000 crore involving at least 10 crypto exchanges.
According to media reports, cryptocurrencies of more than 100 crores were bought on exchanges and later sent to international wallets. The exchanges did not conduct any enhanced due diligence and even failed to raise suspicious transaction reports (STRs). It also added that KYC details were also dubious in many cases. The person with KYC has no connection with the transaction in many cases.