Last week, the Enforcement Directorate (ED) raided crypto currency exchange company WazirX for endorsing some instant loan app companies. Because of this, ED Bank froze Rs 64.67 Crore worth of Crypto Currency exchange firm assets. The company has now shared a response for its users, informing them not to worry about the platform’s operation. Also read – ED freezes nearly 65 million bank balances of crypto exchange platform WazirX
After ED froze the company’s bank balance, several users became concerned about whether their funds were safe and whether the platform would continue to function as before. WazirX responded to such requests by posting on its Twitter handle on Sunday (7 August). Also Read – Google, Meta, Apple, Spotify and More: Why Tech Companies Are Slowing Hiring
“In light of the recent news about WazirX, we wanted to reassure you that operations are continuing as normal,” the company said. Also Read – Vivo India Refutes ED’s Claims About Money Laundering in India: Check Details
In addition, it showed that the withdrawals work normally. “Crypto and INR withdrawals are processed normally.”
Earlier on Saturday (6 August), WazirX also commented on the claims made against the company. Contrary to what the government agency said, WazirX said they “have been fully cooperating with ED for several days and have responded fully and transparently to all of their inquiries.”
The company further stated that it does not agree with the allegations made by ED and is working on an action plan to counteract this.
For those who don’t know, the government agency ED raided company officials for supporting accused instant loan companies.
Company director Sameer Mhatre, who did not provide details on the transactions involving crypto assets despite remote access to the company’s database, made a profit from the proceeds of crime from the instant loan app scam.
As a result, the director was labeled “uncooperative” by the government agency.
WazirX is one of the most popular cryptocurrency exchange platforms which is mainly used for Bitcoin and other popular coins like Ethereum etc. The platform has a user-friendly design and is known for its security.
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