Ten crypto exchanges under ED lens for allegedly laundering Rs 10 billion

Many investors were traced based on their KYC details available with these crypto exchanges, but they were found to be fake or different from the real ones

After conducting raids on WazirX, the Enforcement Directorate (ED) is investigating over ten crypto exchanges for alleged money laundering of Rs 1o billion. According to a report by Economic Times, the money came from a firm accused of laundering money in another instant loan app case. It, too, is being probed by the ED. The firm is said to have links with China.

The report further said that the accused firm approached various crypto exchanges to buy crypto coins for over Rs 100 crore. The crypto coins were sent to international wallets.

Crypto exchanges need to conduct due diligence and