Cryptocurrency

China’s cryptocurrency-mining crackdown spreads to Yunnan i

China’s crackdown on cryptocurrencies has spread to the country’s southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday. In addition to concerns about the huge amounts of energy needed for the computing power to create cryptocurrencies, the central government is also concerned about speculation after…

Enforcement Directorate issues notice to WazirX, directors over F

The Enforcement Directorate (ED), in line with its current focus on crypto exchanges and money laundering, on Friday issued show-cause notice to WazirX and its directors Nischal Shetty and Sameer Hanuman Mhatre for allegedly violating foreign exchange laws involving crypto transactions of Rs 2,790 crore. “The agency has found evidence of non-compliance with forex rules…

ED sends notice to crypto exchange WazirX for Rs 2,791-cr transac

The Enforcement Directorate on Friday said it has issued a show cause notice to the country’s largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic…

‘Yet to receive any ED notice, your funds are absolutely sa

Mumbai-based Indian cryptocurrency exchange WazirX, on Friday, said it hadn’t received a show-cause notice from the Enforcement Directorate. “WazirX is yet to receive any show-cause notice from the Enforcement Directorate as mentioned in today’s media reports. WazirX is in compliance with all applicable laws,” the company tweeted. A couple of hours before, ED had tweeted…

China arrests over 1,100 for money laundering in crypto crackdown

China arrested over 1,100 people in a sweeping crackdown on the use of cryptocurrencies for money laundering, adding to signs it’s further reining in crypto-linked activities. Police busted more than 170 criminal groups that used cryptocurrencies to launder money in telecom scams to avoid being tracked down, the Ministry of Public Security said in a…