India's financial crime-fighting agency said on Friday it had frozen the assets of WazirX. The federal Enforcement Directorate (ED) said that it froze assets worth 646.70 million rupees ($8.16 million) "We have been fully cooperating with the Enforcement Directorate for several days," said a spokesperson.

"We are evaluating our further plan of action. We are evaluating whether to take further action," said a spokesman. "We are looking at all options," the spokesman added. "It is a very serious issue and we are looking into all options" said the spokesman.

The searches were conducted on one of the directors of Zanmai Lab, which owns WazirX. The agency said its action was related to the investigation into the crypto exchange's suspected role in assisting instant loan app companies in laundering the proceeds of crime. The ED said that it was conducting money-laundering investigations against several shadow banks.

The ED launched its investigation last year into WazirX for suspected violations of foreign exchange regulations. Binance CEO Changpeng Zhao tweeted on Friday that the company does not own shares in Zanmai Labs. In 2021, the ED was looking into a money laundering case which involved Chinese-owned illegal online betting applications.

During the course of the investigation it was found that the laundered proceeds of crime worth about 570 million rupees had been converted into cryptocurrencies using the Binance platform, the ED had said. read more at: timesofindia.co.uk crime-into- cryptocurrencies.html.
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