India’s FIU Probes Binance and WazirX Over Suspicious Crypto Transactions

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WazirX and Binance are in trouble as India’s FIU looks into crypto transfers from Pakistan. Authorities are now tracking wallet transactions that may be linked to illegal or terror-related activities.

India Probes Binance, WazirX Over Crypto Transfers Linked to Pakistan

As reported by Money Control, officials stated that FIU is collecting data from Binance to identify accounts that may be receiving cryptocurrency in private wallets from Pakistan. These wallets are not tied to any exchange, which is making it harder to trace them. Authorities are concerned that such transfers may be linked to illegal activities or even terror financing in India. 

Both Binance and WazirX are being investigated, as they are often used for cross-border crypto transfers. Officials have noticed a rise in crypto transactions between Jammu & Kashmir and Pakistan border areas, and they suspect that some of these may be linked to terror funding.

Ironically, this comes after WazirX issued a PR piece defending why its parent firm, Zettai, does not need FIU-IND registration. Now, that very regulator is investigating them for serious cross-border risks. All eyes are on the July 15 Singapore court hearing, as the outcome could decide the future of WazirX and the fate of user-held crypto.

Recently, Romy Johnson filed a 72-page affidavit in the Singapore High Court that could decide whether WazirX users legally own their crypto. The filing claims WazirX wallets were linked to ISIS-related activity through TRX token transfers to a Syria-based entity.