ED issues show cause notice to WazirX for crypto transactions worth ₹2,790 cr

The Enforcement Directorate (ED) on Friday said that it has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA (Foreign Exchange Management Act), 1999 for transactions involving cryptocurrencies worth ₹2,790.74 crore.

ED initiated FEMA investigation on the basis of the ongoing money laundering investigation into Chinese owned illegal online betting Applications, it said in a statement.

WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency startup and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation.