Binance-owned WazirX is being investigated in India for alleged money laundering of over $350 million

The transaction in another situation is becoming more difficult.

In another situation, the minister stated that the Indian exchange permitted overseas customers to exchange one cryptocurrency for another on its own platform as well as through transfers from other exchanges such as FTX and Binance.

This response came in response to a question from Rajya Sabha member Sushil Kumar Modi about whether some cryptocurrency exchanges allowed users from countries such as the United States and Germany to transact without KYC and AML compliance, insufficient disclosures, and agreements when performing third-party transfers.

Notably, WazirX co-founders Nishal Shetty and Siddharth Menon were said to have relocated to Dubai with their families in April of this year in response to India’s new crypto taxation legislation. Previously, the executives had disassociated themselves from the platform’s day-to-day operations.

Nonetheless, the finance ministry reaffirmed worldwide coordination to control cryptocurrencies.

“Therefore, any policy framework on cryptocurrency can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,” he said.

Meanwhile, it is anticipated that India has between 15 and 20 million cryptocurrency users.