WazirX Issued With Show Cause Notice by India’s Enforcement Directorate: Report

WazirX Issued With Show Cause Notice by India’s Enforcement Directorate: Report

India’s Enforcement Directorate, responsible for fighting economic crime in the country, issued a show cause notice to WazirX, a cryptocurrency exchange.

  • The notice relates to cryptocurrency transactions of about $382 million, the Times of India reported Friday.
  • The money is involved in alleged violations of the Foreign Exchange Management Act.
  • Directors Nischal Shetty and Hanuam Mhatre were named alonsgide the company in the notice, the newspaper said.
  • A show case notice requires the named parties to explain or justify something to a court.
  • "WazirX is yet to receive any show cause notice from the Enforcement Directorate as mentioned in today's media reports," a spokesperson said a Telegram message. "WazirX is in compliance with all applicable laws."
  • Source