After WazirX, ED Freezes Rs 370 Crore Assets Of Crypto Exchange Vauld

ED has frozen bank assets worth of Rs 370 crore belonging to Vauld on Thursday.

New Delhi: Days after Enforcement Directorate (ED) froze assets of cryptocurrency exchange WazirX in connection with a money laundering probe, similar actions were taken against another crypto exchange firm Vauld. The financial probe agency has frozen bank assets worth of Rs 370 crore belonging to Vauld on Thursday, according to reports.

Vauld crypto exchange is already going through financial strain as the exchange halted all withdrawals and deposits on the platform last month, according to a report by Business Today.

Meanwhile, global crypto exchange Binance on Monday said it is closing off-chain fund transfers with WazirX which is facing probe for outward remittance of crypto assets worth Rs 2,790 crore to unknown wallets.

This development after ED on Friday froze Rs 64.67 crore worth bank deposits belonging to cryptocurrency exchange WazirX’s director Sameer Mhatr as part of an ongoing money laundering probe against some fraud smartphone-based loan dishing apps “backed by” Chinese funds.

The financial probe agency is conducting a money laundering investigation against a number of Indian Non-Banking Financial Company (NBFC) companies and their fintech partners for predatory lending practices in violation of the RBI guidelines.