WazirX Issued With Show Cause Notice by India’s Enforcement Directorate: Report
11 Jun, 2021•1 min read•Other
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."