Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Falls to Zero

China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero

Leading cryptocurrency exchange Binance announced on Wednesday that it is delisting the CNY trading zone, starting Dec. 31, 2021, in response to the regulatory requirements of the local government.

The exchange also said that it would also stop providing services to users in mainland China. Binance said it would “conduct an inventory of platform users,” and those from mainland China will have their accounts switched to the “withdrawal only” mode. It will notify the users by email seven days in advance.

Users based in China are now only able to withdraw, withdraw, redeem, and close positions.

Binance further said that they already withdrew from the Chinese mainland market in 2017 and do not engage in exchange business there.

“Binance has always attached great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies.”

Binance’s native token is unaffected by the news, trading at $460, up over 17.5% in the past 24-hours due to the announcement of a $1 billion incentive program to grow the Binance Smart Chain ecosystem on Tuesday.

Following Binance, another big crypto exchange OKEx issued a statement. Like Binance, OKEx said it has not been engaging in the Chinese market since 2017, and their site isn’t accessible in mainland China either.

“OKEx will continue to develop steadily in the international market, continuously improve its products and services, continue to maintain the policy of “exiting the Chinese mainland market,” and not set up offices and teams in mainland China.”

OKEx’s OKB token saw some fluctuation on the back of the news as it first went down to $15.14 from $16.44 only to spike to $16.89. As of writing, OKB is trading just under $16.

Another exchange Gate.io announced that it has blocked access to its website and removed its App from mainland China in response to local government regulatory policy requirements.

“In order to ensure the normal use and access of international users, Gate.io will normally provide legal and compliance services outside of mainland China,” said the exchange.

The same day, China’s largest social media platform WeChat blocked search results from the likes of “Binance” and “Huobi.”

After search engine Baidu and Twitter-like social media platform Weibo blocked searches for crypto exchanges in June, WeChat has also joined them by showing “no more results” to searches for them through existing articles to the exchanges are still accessible.

Amidst all this, China’s mining share after the ban has tanked, and the US has taken the lead.

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According to Cambridge Alternative Finance Center data, China’s share of global hash rate has fallen from 44% in May to zero. Two years back, China was accounting for a whopping 75.5% of the share. At the time, the US’s share was a mere 4.1%, which has grown to 35.4%.

During this time, Kazakhstan’s share increased significantly — 16.7% to achieve 18.1%; meanwhile, Russia’s share rose 5.3% to reach 11.2%. Canada also recorded significant growth going from 0.6% in June 2020 to 10.8% in July 2021.

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Author: AnTy

BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

Money is flowing in the cryptocurrency space with projects using incentives to attract masses and even more capital. Now, Binance has also joined in by announcing the launch of a $1 billion growth fund to support the Binance Smart Chain.

“BSC’s growth has attracted over 100 million users with its initial funding of $100 million,” said Binance CEO ‘CZ’ Changpeng Zhao.

“With the additional contribution of $1 billion, BSC will be better equipped to disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchains ecosystem with 1 billion users.”

About half of the Crypto Mass Adoption Fund is reserved for investments in areas including decentralized computing, metaverse, gaming, virtual reality, artificial intelligence, and blockchain-based financial services, said the company in a statement.

Of the remaining $500 million, $300 million will be directed towards a builder program, and $100 million each will be used in liquidity incentives and talent development.

Competing blockchains like Algorand, Avalanche, and Fantom have already tried this tactic resulting in an explosion in their inflows. Fantom launched a 370 million FTM incentive program for developers, Avalanche (AVAX) announced a $180M ecosystem-wide liquidity mining program, and Algorand (ALGO) launched a $300 million fund for various incentives.

These incentive programs helped these blockchains attract a lot of capital. Fantom saw its total value locked (TVL) surging from less than $500 mln to $5.77 bln. Similarly, Avalanche’s assets went from $300 mln to over $5 bln.

Meanwhile, BSC’s assets have been stagnant since May, when it hit $32.6 billion in TVL. At the time, in less than three months, it had grown 15x as Binance Smart Chain attracted the priced-out users with its faster and cheaper alternative to Ethereum (ETH).

As of writing, the BSC TVL is sitting at $18.2 bln.

To bring excitement, people, projects, and funds back, Binance is injecting the biggest yet incentives into its ecosystem.

With this initiative, the focus will also be on “building cross-chain and multi-chain infrastructures integrated with different types of blockchains,” said Gwendolyn Regina, investment director of the BSC Accelerator Fund.

In response to this, the native token BNB nearly jumped about 12.5% to $441 but has since pared some gains to now trade at $427.

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Author: AnTy

It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero

While layer 1 solutions like Solana (SOL), Avalanche (AVAX), Binance Smart Chain (BSC), Polkadot (DOT), and Cardano (ADA) are trying to compete with Ethereum, layer 2 solutions like Arbitrum and Optimism are here to solve the issue of high fees and congestion on Ethereum network and have been gaining traction.

But while layer 1s and layer 2s are busy outdoing each other, layer 0 has entered the picture.

Could it be the new fad? That’s to be seen, but this week, Bryan Pellegrino, co-founder, and CEO of LayerZero Labs, introduced LayerZero, an Omnichain Interoperability Protocol.

According to Pellegrino, LayerZero’s mission is simple — connect all dapps on all chains, have borderless connectivity (EVM, Non-EVM, L1, and L2), and make integration with LayerZero extremely simple for developers.

“Right now, bridges can be a mess,” noted Pellegrino as he pointed out different layer 1s have all independent pools of liquidity and that we don’t natively have the likes of AVAX <> Solana and Avax <> BSC.

Unlike this, LayerZero will allow for a single pool of unified liquidity bridged between all connected chains along with enabling native cross-chain lending, which means lend on one chain and borrow on another one seamlessly, and unified governance, that is, the ability to seamlessly swap AMM (A) -> AMM (B) regardless of chain, layer, or asset.

All of this will be enabled natively from day 1 on top of LayerZero, whose contracts are currently under audit and will “go live shortly after completion,” he said.

They are also building the first project entirely on the permissionless LayerZero protocol called Stargate, on which details will be shared soon.

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Author: AnTy

Bullish? Binance Implements Mandatory KYC for All Services, Effective Immediately

Bullish? Binance Implements Mandatory KYC for All Services, Effective Immediately

The leading cryptocurrency exchange Binance has announced KYC (know-your-customer) for all its services, effective immediately.

“Mandatory KYC for ALL services Binance. Action speaks louder than words,” said Binance CEO Changpeng Zhao.

To enhance user protection and provide a safe crypto environment, all new users are required to complete intermediate verification to access the exchange, Binance said. Those who do not complete the verification will have their account permissions changed to “Withdraw Only,” with services limited to withdrawal, order cancellation, position close, and redemption.

According to the exchange, these measures will support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML) to enhance user protection and combat financial crime.

“Binance KYC is bullish, means they will be looked upon much more favorably by regulators globally,” said Su Zhu, co-founder, and CEO of Three Arrows Capital.

This could also result in people turning to DEXs, especially those who don’t want to share their information. More importantly, companies including Binance have been victims of data breaches.

“This all ends with CZ stepping down tho. Pretty sure at this point he can’t wait to himself. With Mex/Arthur there were alternatives for non-KYC, but only a matter of time before mandatory KYC becomes normalized across the space. Nance futs trading engine still #1,” said trader Hsaka.

Just last month, CZ said in an interview that he is looking for his replacement, saying,

“I don’t think I’m the best person to lead that effort. I think having somebody with a very strong regulatory background is actually better.”

But later, he took to Twitter to clarify that the company is always looking to hire CEOs but that “there are no immediate plans” to do so.

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Author: AnTy

“I’m Spending Almost All My Time” on Regulatory Compliance, says Binance CEO

“I’m Spending Almost All My Time” on Regulatory Compliance, says Binance CEO

The leading cryptocurrency exchange is currently on a hiring spree to increase the size of its compliance and legal teams along with remedying the issue of not having a headquarters which was a move towards a “decentralized organizational structure.”

The number one priority of Binance right now is to hire people with compliance and regulatory experience, said Chief Executive Officer Changpeng “CZ” Zhao.

“I’m spending almost all my time” on the compliance drive, Zhao said in an interview with Bloomberg TV. “I’m not really involved in the day-to-day operations of the exchange.”

However, he is hopeful that the regulators will get things right, if not right away.

“When new crypto regulations come in, many of them are restrictive and that is expected, but over time we think regulations will adjust with market demand and hopefully will get better.”

According to him, the US is “very mature” on the crypto regulation part and is, in fact, “leading now.”

Zhao is also “fairly confident” that SEC commissioner Chair Gary Gensler will “do the right thing” when it comes to regulating the crypto space and on the prospect of a Bitcoin ETF.

“Gary is one of the most knowledgeable people in the regulatory space about crypto.”.

Besides increasing the size of their compliance and legal teams, Binance is also working on remedying the issue of not having a headquarters which was a move towards a “decentralized organizational structure.”

Meanwhile, commenting on the recovery in crypto prices, CZ said they are seeing “more people buying.”

Hiring Spree

The leading cryptocurrency exchange is on a hiring spree and is also seeking regular meetings with US officials.

The exchange is currently in talks with a former senior Singapore bourse executive, Richard Teng, who stepped down as head of the Abu Dhabi Global Market in March after six years, to be the chief executive officer at its local business in the Asian financial hub, reported Bloomberg citing people familiar with the matter. The exchange has reportedly also approached other executives about the position.

Teng spent 13 years at the Monetary Authority of Singapore (MAS) and was previously Singapore Exchange Ltd.’s chief regulatory officer.

Its Singapore unit, Binance Asia Services Pte, is currently operating within a grace period while the MAS reviews its application for a license to provide digital payment token services. The regulator granted two such “in-principle approval” this month.

Another one is the latest hire Greg Monahan, the former US government criminal investigator at IRS and will lead Binance’s global money laundering reporting.

The exchange faces a probe by the Internal Revenue Service (IRS) and the Department of Justice into potential illicit activities. Monahan said in a statement,

“My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”

The firm said that Karen Leong, who previously held the top money-laundering role at the exchange since 2018, will become a director of compliance. CZ in the statement said,

“We are always expanding our capabilities to make Binance and the wider industry a safe place for all participants.”

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Author: AnTy

“Regulatory Compliance Is A Must, Not A Decision,” says Binance CEO As Malaysia, India, And Europe Strike Yet Again

“Regulatory Compliance Is A Must, Not A Decision,” says Binance CEO As Malaysia, India, And Europe Strike Yet Again

Malaysia’s SC has taken enforcement action against Binance, giving it 14 days to completely close its business while India’s AML agency is investigating the exchange’s role in betting apps. In Europe, Binance is winding down its futures and derivatives products offerings, starting with Germany, Italy, and the Netherlands.

Another day and another round of regulatory onslaught. Leading cryptocurrency exchange Binance can’t seem to take a break as a string of global regulators sends their warnings.

But CEO Changpeng Zhao is maintaining his composure as he works towards compliance, saying, “Sometimes, small setbacks are necessary for bigger long-term growth. Keep on building.”

“Regulatory compliance is a must, not a decision. And it leads to MORE market access and adoption, not less. Crypto adoption is probably around 2% now. Let’s go get the other 98% onboard,” tweeted CZ on Friday in response to this latest barrage of regulatory scrutiny.

Malaysia Takes Enforcement Action

To start with, Malaysia’s SC announced today that it is taking enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX) in the country. It reads,

“Under Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007, all DAX operators must be registered as Recognized Market Operators (RMO) by the SC.”

Binance was first included in the regulators’ Investor Alert List in July 2020. Then a public reprimand was issued against Cayman Island registered Binance Holdings Ltc., its CEO CZ, and three other Binance entities registered in the UK, Lithuania, and Singapore for operating illegally.

Now, Binance Holdings, Binance Digital Limited, Binance UAB, and Binance Asia Services Pte Ltd, are ordered by the SC to disable their website and mobile applications within 14 business days of 26 July 2021 and cease all media and marketing activities. The SC said,

“Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to cease trading through its platforms immediately and to withdraw all their investments immediately.”

Winding Down Derivatives Trading in Europe

Meanwhile, in Europe, Binance is shutting down derivatives and futures products offering across the Europe region, starting with Germany, Italy, and the Netherlands. The exchange said,

“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”

The UK’s Financial Conduct Authority (FCA) has already cracked down on the exchange, with several banks restricting their services to the platform. Regulators in Germany have also previously raised concerns about Binance selling tokenized stocks.

Binance yielding to regulatory pressure started earlier this week when the exchange announced KYC compliance and reduced its daily withdrawal limit to 0.06 BTC for non-verified users.

India Investigating its Role in Betting Apps

As for India, the country’s anti-money laundering agency is examining if Binance Holdings had a role to play in an online investigation involving betting apps, reported Bloomberg citing people with knowledge of the matter.

The Enforcement Directorate reportedly summons Binance executives for questioning.

India has already been probing betting apps run by Chinese operators for allegedly laundering money through the cryptocurrency exchange WazirX, acquired by Binance in 2019. These betting apps collected more than 10 billion rupees ($134 million) over the past ten months.

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Author: AnTy

Shift in Momentum: Binance Yields to Regulatory Pressure, the Definition of HQ Changing for CZ Too

Binance aims to move from its start-up origins to become a financial institution, but CZ isn’t leaving, rather is putting “commitment to compliance” as their top priority. The exchange has also launched the Tax Reporting Tool to help its users fulfill their tax reporting requirements.

Leading cryptocurrency exchange, Binance now wants to set up regional headquarters and be recognized by local regulators, said chief executive officer, Changpeng Zhao.

“We want to be licensed everywhere,” Changpeng Zhao told journalists, saying he wanted to “work with regulators everywhere.”

“From now on, we’re going to be a financial institution,” he said, adding that this would be breaking from its earlier decentralized model and maturing from its start-up origins.

As a first step towards getting a regulated move, Binance is becoming KYC (know your customer) compliant in order to “support” the security of its users, it said.

The exchange announced a reduction in its daily withdrawal limit to 0.06 BTC for those who are not completely verified but only have Basic Account Verification. This adjustment will be effective in phases starting from August 4 and will be completed by August 23.

The same restriction applies to new account registrations but is effective immediately.

“We continually review our policies to ensure that we surpass industry standards. This adjustment better accounts for current BTC prices. You can increase your withdrawal limit by completing identity verification.”

The same day, Binance launched the Tax Reporting Tool to help its users keep track of their crypto activities so that they are fulfilling the reporting requirements laid out by their regulatory bodies.

‘What if the less reg friendly things move to BSC/ some other chain. I’m thinking things like derivatives and lending markets. Binance has been writing a shit ton of checks in that space,” noted market maker IamNomad in response to Binance’s latest move.

Binance Smart Chain (BSC) is actually seeing a renewed interest lately, with the daily transactions on the blockchain hitting a new peak above 11.9 million on July 27 after bottoming around 3.14 million earlier this month, as per BSC Scan.

Unlike the last peak, this time, DEX PancakeSwap is not behind this success but CryptoBlades, a play-to-earn NFT game. This makes sense, given that Axie Infinity has been leading the market during the downturn of the last three months.

Amidst all this came reports of CZ looking to hire his replacement as the next CEO.

During a conversation with Mukaya Panich, CIO at Thailand’s Siam Commercial Bank’s venture arm SCB 10X, CZ said he is looking for a senior person with strong compliance and regulatory background.

“I don’t think I’m the best person to lead that effort. I think having somebody with a very strong regulatory background is actually better.”

CZ, however, took to Twitter to explain that “there are no immediate plans to replace me as CEO,” though he would like to hire someone with a special regulatory background to show their “commitment to compliance,” which he said is their top priority.

“I feel CEOs should not stay for more than 10 years, ideally around 5 years… We are always hiring for CEOs. I don’t need to be CEO, and I am not leaving.”

Much like in 2018, Binance became the leader in the crypto space; market participants believe the momentum is shifting yet again, with FTX coming on fast behind Binance to take up the first spot.

While Coinbase already had its initial public offering to mark Bitcoin top so far this year and Kraken is also planning sometime next year with FTX considering but not really needing it, CZ is now mulling a future IPO in the US but said the plan “is not 100% fixed yet.” Such plans would require Binance to have a legal entity and headquarters.

“We are setting up those structures.”

“Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”

Binance has been facing a lot of regulatory scrutiny from all over the world especially due to not having an HQ, something regulators aren’t comfortable with, especially UK watchdog FCA which called the lack of a headquarters a “huge issue.”

Up until now, CZ has maintained that his definition of a headquarters is different from others, which is finally changing as the exchange faces the pressure of regulators and, given the latest changes made by the exchange, is also caving to them.

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Author: AnTy

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

Rather, this continued interest from institutional investors is coming not only from crypto native firms but also from traditional finance institutions. Meanwhile, in the US, DeFi is on regulators’ radar where with no intermediary, the question is, “who do we put this on?”

Britain’s Financial Conduct Authority (FCA) said that crypto broker CoinBurp is not fully authorized to have its initial token offering and the launch of its BURP token planned for Monday.

However, the company can start a business under its temporary registration, the FCA added, as long as it has the controls in place.

Last week, the project raised $6 million to build a non-fungible tokens (NFTs) marketplace. Last week, in a press statement, CoinBurp claimed to be a “regulated broker” and said that all the NFTs listed on its market could be sold to investors.

Although CoinBurp is listed on the watchdog’s temporary registration register, this status only allows them to trade. The watchdog said the company isn’t yet assessed as “fit and proper” or entitled to claim to be authorized by the FCA as the regular has yet to determine their application for the money laundering regulations. The UK regulator said in its statement,

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing, and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration.”

For some time now, FCA’s crackdown has been going on with Binance, which has no headquarters, particularly bearing the brunt of it. This has resulted in several big UK banks such as Barclays, Santander, and NatWest banning retail customers from sending money to the exchange.

Due to this, several hedge funds, according to the Financial Times, have also curbed trading on Binance as a regulatory crackdown on it continues to grow.

However, Binance told FTX that it has “not seen a slowdown in institutional activity. On the contrary, we have seen continued interest in our institutional offering from not only crypto native firms but also traditional financial institutions that have entered the crypto space.”

Amidst this, on Monday, Binance reduced the leverage from previously 125x to now 20x.

Meanwhile, DeFi is on US regulators’ radar, with CFTC Commissioner Dan Berkovitz saying in an interview,

“I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits. The bottom line is there’s no free lunch anywhere in the economic system.”

As we saw last week, Uniswap Labs delisted several tokens from the exchange. With no intermediaries in decentralized finance, which has grown to become $110 billion in total value locked (TVL) and $85 billion in total market cap, the question is, “who do we put this on?” said Alabama Securities Commission Director Joseph Borg.

While Sen. Elizabeth Warren is urging regulators to rein in DeFi activities, Borg said, SEC and CFTC would have to come together to assess the potential possibilities and potential risks. OCC spokesperson Bryan Hubbard said,

“While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases.”

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Author: AnTy

Binance Bitcoin Futures Skyrockets to $48,000 in a Monster Wick

OI on Binance BTC futures is currently at 78.89k BTC, down from 101.37k BTC from last week, while being the only exchange to have a negative change in ETH futures’ OI in the past 24 hours but still sitting at the highest 627k ETH.

The textbook short squeeze that took place this weekend saw the price of bitcoin going as high as $48,000 on the leading cryptocurrency exchange.

On other crypto exchanges, this short squeeze sent the price of bitcoin to nearly $40,000 and Ether to almost $2,400, with Binance an anomaly.

On Binance itself, while Bitcoin wicked to about $39,800 on spot and on futures, it went as high as $48,168. In response, Binance has reportedly said that “API user place wrong orders, the liquidation price is the marked price, the extreme price will be automatically removed, and the user will not be affected.”

In the past 24 hours, more than 100,000 traders were liquidated for about $1.14 billion, with nearly $950 million being the short positions.

Bybit accounted for a majority of these liquidations at about $440 million, followed by OKEx and Huobi for just under $220 million, according to Bybt.

Binance, meanwhile, is accounting for a mere 11.4% of these liquidations at $129.5 million. However, the leading crypto exchange has stopped showing accurate liquidation for some time now, and these figures are expected to be much higher. Previously, Binance used to lead the market in liquidations.

This can be seen in the second-biggest drop of over 12% in OI on Binance’s Bitcoin futures in the past 24 hours.

Currently, at 78.89k BTC, it is down from 101.37k BTC on June 20, which was an increase of 78% in nearly a month as new short positions were opened. Still, it is the highest OI, accounting for 22.7% of the total BTC futures open interest.

“Binance straight up under-reports liq data, but OI down by ~12k BTC following that move and net buying on that 1m candle was ~12k BTC. Good ol cascade,” commented trader Hsaka. “Around ~$600m of forced buying in under 60 seconds.”

When it comes to Ether futures, only Binance has a negative change of 4.45% in the past 24 hours, now sitting at the highest 627k ETH while others had an increase in OI.

Amidst all this, Binance CEO Changpeng Zhao announced that they have started limiting new users to a maximum of 20x leverage a week ago on Monday.

“In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks,” he added.

Meanwhile, several hedge funds have curbed their trading on Binance as the regulatory crackdown on it intensifies, the Financial Times reported.

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Author: AnTy

After Binance, Huobi Is No Longer Serving Canada-based Users; ED Sends Notice to WazirX

After Binance, Huobi Is No Longer Serving Canada-based Users; ED Sends Notice to WazirX

Cryptocurrency exchange Huobi is no longer serving its Canada-based users and has given them until this year-end to close their position and withdraw their crypto assets. Huobi’s message to its users reads,

“Regrettably, we can no longer provide services for Canada-based users due to compliance reasons. If you are one of them, please close out all active positions and withdraw all assets before Dec 31, 2021.”

Recently, Huobi Global updated its User Agreement and restricted retail users in mainland China, Taiwan, China, Israel, the UK, and several other countries from using the “derivatives trading” services provided by them.

Additionally, users from Canada, along with the United States, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and Crimea, were also restricted.

Previously, the exchange temporarily ceased the intake of users with Canadian KYC or a Canadian IP address.

Now, to comply with Canadian law, the country is part of restricted jurisdictions.

Last month, Binance also restricted its services for users in Ontario, Canada, due to its “compliance efforts,” as the leading cryptocurrency exchange faces regulatory scrutiny from all over the globe.

Navigating this regulatory minefield is its biggest task ahead, said chief executive and founder Zhao Changpeng in an interview with The Straits Times. For this, Binance has to tailor its processes to suit the different demands that different jurisdictions are putting in place.

Binance-owned crypto trading platform WazirX also received a show-cause notice from the Directorate of Enforcement (ED) this week for allegedly violating the Foreign Exchange Management Act in relation to transactions worth 2,790.74 crore rupees (about $372 million).

ED questioned the Indian-based exchange’s capability to allow users to make cross-border payments without direct oversight of regulators.

“These were carried out in violation of forex rules. WazirX’s platform allowed clients to transfer cryptocurrencies without proper documentation, making it a route for laundering.”

“One needs to be sure that this money isn’t cheap money (cheap money is low-interest loan) or dirty money (used for illegal activities).”

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Author: AnTy