Tags: India

Currently, India only regulates crypto under anti-money laundering and electronic funds transfer laws, but wider regulations are under review.

The exchange cited compliance upgrades for improved security and to prevent misuse by bad actors as the reason for halting withdrawals.

Binance faces $86M in unpaid GST demands and scrutiny over $480M in transaction fees reportedly funneled to Nest Services Ltd.

The suspect reportedly opened an account under a fake name and sold it to an accomplice, who then allegedly used it to hack the exchange.

WazirX allegedly moved millions to Bybit and KuCoin, but CEO Shetty defended the actions as necessary while securing a new custodian.

Binance provided analytical support to Delhi Police that helped in tracing laundered funds and fake SIMs in a solar scam operation.

Binance said the ED was able to uncover the scam network thanks to critical intelligence from its financial investigative unit.

Nischal Shetty defended the company’s filing for the moratorium, describing it as a step toward a fair and binding resolution for creditors.

Binance has clarified it ceased wallet services for WazirX in early 2023, rejecting allegations of any culpability in the platform’s loss.

Central & Southern Asia and Oceania dominated the 2024 index, accounting for seven of the top 20 countries adopting crypto.

The North Korean entity behind the WazirX breach transferred 10,000 stolen ETH to Tornado Cash in 24 hours to obscure the trail.

Attacker reportedly moved nearly the ETH funds to Tornado Cash in 16 transactions, aiming to hide the trail of illicit funds.

The inter-ministerial group, tasked with developing a complete cryptocurrency policy, now includes the RBI and SEBI.

India’s budget retains 1% crypto TDS, rejecting industry calls for a 0.01% rate and progressive taxation on gains.

WazirX’s plan includes tracing stolen funds, recovering assets, and thorough investigation post-hack, after roping in forensic experts.

WazirX suffered a breach, losing over $100M in SHIB, $52M in ETH, and other assets, totaling 45% of its reserves.

After the incident, the attackers’ addresses had already swapped the stolen PEPE, GALA, and USDT for ETH.

The crypto exchange is exploring ways to ensure regulatory compliance while continuing to offer services to users in the region.