Enforcement Directorate issues notice to WazirX, directors over FEMA breach

Exchange said they are yet to receive ED notice

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 and how users are using the crypto platform to launder money. Similar action is expected against more crypto platforms and their executives this month,” said a senior official in the agency.

In the WazirX matter, the federal agency issued notice under the Foreign Exchange Management Act (FEMA)