After WazirX, ED attacks CoinSwitch Kuber for violating FEMA

However, WazirX said he was unaware of the purpose of such transactions on his platform and that the platform, like any other platform, could have been “abused”.

“ED appears to be investigating the transactions of certain users and Zanmai Labs has no affiliation with these users and does not know the purpose of their transactions. Zanmai Labs is in the position of any other intermediary whose platform may have been misused wisely,” WazirX said. .

On August 11, 2022, the ED froze bank assets worth ₹370 crore of financially troubled crypto exchange Vauld. The Singapore-based crypto exchange stopped all kinds of withdrawals and deposits in July 2022.

Despite a huge push from the crypto industry, the government has so far shown a clear intention that the country will not legitimize cryptos unless there is a global collective approach to making them legal.

Finance Minister Nirmala Sitharaman, in an interview with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in April 2022, said that India does not recognize cryptocurrencies, which are outside of banking central. “The central bank has yet to come up with a digital currency, and that was part of my announcement in this year’s budget. the veracity of the data, which speaks of the volume.”