According to the regulator, “WazirX works from a Cloud-based software and all employees work from home. Despite giving repeated opportunities, WazirX failed to give the crypto transactions of the suspect fintech APP companies and reveal the KYC of the wallets. Most of the transactions are not recorded on the blockchain also.”
ED specifically mentioned that “Sameer Mhatre, director of WazirX, has complete remote access to the database of WazirX, but despite that, he is not providing the details of the transactions relating to the crypto assets, purchased from the proceeds of crime of an Instant loan app fraud.”
WazirX did not immediately respond to Watcher Guru’s request for comment.
Indian regulators have increased their oversight of the crypto industry in recent times citing the destabilizing effect this could have on its economy.