• For more than a month, Account has been freezed by ED
• WazirX discovered that the majority of the users whose information was sought by ED had already been identified as suspicious by WazirX and were blocked in 2020-2021
• According to the company, WazirX is similar to any other intermediary whose platform may have been abused

The Enforcement Directorate (ED) has unfrozen WazirX’s bank account. After more than a month, the account was unfrozen.

According to the company, ED has unfrozen WazirX’s bank accounts due to the company’s active cooperation with authorities and active Anti-money laundering (AML) checks, which resulted in the blocking of suspicious accounts. WazirX is now able to resume its normal banking operations.

The Enforcement Directorate (ED) is investigating 16 fintech companies and Instant loan apps. Some of them have made use of the WazirX platform. WazirX has been cooperating with investigators by providing them with all relevant details, information, and documents pertaining to the alleged accused companies that used the WazirX platform.

According to the company, WazirX is similar to any other intermediary whose platform may have been abused. It also stated that it has no affiliation with any of the alleged accused Fintech and Instant loan app entities that appear to be under investigation by the ED. Despite having no legal obligation to do so, the company is conducting KYC/AML checks.

Following an extensive internal investigation, WazirX discovered that the majority of the users whose information was sought by ED had already been identified as suspicious by WazirX and were blocked in 2020-2021.

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