Nirmala Sitharaman India’s finance minister has warned Crypto investors about the country’s Enforcement Directorate (ED) investigation over number of crypto exchanges and freezes the assets of some trading platforms.
Nirmala warned the public and entrepreneurs that cryptocurrency is not currency, saying –
“The government has already warned. I think all of us will have to share our thoughts and move with a bit of caution on this.”
Earlier on Thursday, News18 reported that “the finance minister asked investors to exercise caution on crypto, emphasizing that a new law on cryptocurrency is coming soon.”
Her statements came when ED probing cryptocurrency exchanges in connection to its money-laundering investigations. ED has frozen the assets of at least two cryptocurrency exchanges this month. On 5 Aug ED has frozen assets of Wazirx‘s bank assets worth $8 million and last week Vauld‘s bank and crypto assets worth about $46 million were also frozen.
Reacting to the allegations by ED, Vauld notably released a formal statement stating that they fully cooperated with the ED. And gave all the required information and documents after receiving a summons in July.
The company said –
We respectfully disagree with the freezing order. We follow strict KYC requirements in every country, including India.
“We are seeking legal advice on our best course of action in order to protect the interests of the company, its customers, and all the stakeholders,” Vauld detailed.
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