Indian Finance Minister Asks Crypto Investors to Exercise Caution as Authorities Investigate Exchanges

India’s concern curate has cautioned investors astir cryptocurrency arsenic the country’s Enforcement Directorate (ED) investigates a fig of crypto exchanges and freezes the assets of immoderate trading platforms.

Indian Finance Minister Cautions About Crypto

Indian Finance Minister Nirmala Sitharaman reportedly warned astir cryptocurrency Saturday astatine an lawsuit organized by the BJP Economic Cell. She cautioned the nationalist and entrepreneurs that cryptocurrency is not currency, stating:

The authorities has already warned. I deliberation each of america volition person to stock our thoughts and determination with a spot of caution connected this.

On Thursday, News18 reported that the concern curate asked investors to workout caution connected crypto, emphasizing that a caller instrumentality connected cryptocurrency is coming soon.

Her statements came arsenic India’s Enforcement Directorate (ED) probes cryptocurrency exchanges successful narration to its money-laundering investigations. The instrumentality enforcement bureau has frozen the assets of astatine slightest 2 cryptocurrency exchanges this month. Wazirx‘s slope assets worthy $8 cardinal were frozen connected Aug. 5 and Vauld‘s slope and crypto assets worthy astir $46 cardinal were frozen past week.

Responding to the ED’s allegations, Vauld released a connection Saturday revealing that it afloat cooperated with the ED and provided each the required accusation and documents aft receiving a summons successful July. Noting that the frost bid is circumstantial to 1 lawsuit whose relationship was deactivated aft utilizing the exchange’s services for a little play of time, the institution stressed:

We respectfully disagree with the freezing order. We travel strict KYC requirements successful each country, including India.

“We are seeking ineligible proposal connected our champion people of enactment successful bid to support the interests of the company, its customers, and each the stakeholders,” Vauld detailed.

What bash you deliberation astir the concern curate cautioning investors astir crypto and the ED investigating crypto exchanges? Let america cognize successful the comments conception below.