{"id":6360,"date":"2021-07-19T13:10:54","date_gmt":"2021-07-19T12:10:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6360"},"modified":"2021-07-19T13:11:02","modified_gmt":"2021-07-19T12:11:02","slug":"enforcement-directorate-ed-issues-notice-against-wazirx","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/enforcement-directorate-ed-issues-notice-against-wazirx\/","title":{"rendered":"Enforcement Directorate (ED) issues notice against WazirX"},"content":{"rendered":"\n
The regulatory watchdog has issued a warning against India's largest crypto exchange <\/a>WazirX, the notice poses a significant challenge to the Indian crypto ecosystem.<\/h5>\n\n\n\n
\"Enforcement<\/figure>\n\n\n\n

This bull season, India's regulatory quandary has taken multiple twists and turns. First, there were speculations of a crypto bill being introduced during the forthcoming parliament session; however, the crypto bill was not included in the 17 bills scheduled for the monsoon session.<\/p>\n\n\n\n

According to a report in ET, India's regulatory watchdog Enforcement Directorate (ED)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> filed a notice to WazirX, the country's largest crypto exchange, asking why withdrawals from the crypto wallet are not a violation of India's Foreign Exchange Management Act (FEMA).<\/p>\n\n\n\n

The banking watchdog's letter comes at a critical stage in India's crypto regulatory compliance. The notice inquiring about the legality of cryptocurrency withdrawals from one wallet to another might be a major roadblock for Indian crypto exchanges.<\/p>\n\n\n\n

Previously, crypto exchanges in India <\/a>were struggling owing to banks' refusal to give their services, and the recent notification is likely to exacerbate the country's crypto service providers' troubles.<\/p>\n\n\n\n

The recent ED notification to WazirX comes barely a month after the regulatory agency sent the crypto exchange another notice about a money-laundering scandal involving a Chinese betting ring.<\/p>\n\n\n\n

The ED's notice to WazirX poses a significant challenge to the crypto ecosystem<\/a> since it raises concerns about the legality of crypto transfers from one wallet to another.<\/p>\n\n\n\n

Previously, the regulatory watchdog only had concerns with banking withdrawals during the banking ban, but the recent notification might put the entire crypto trading ecosystem in danger.<\/p>\n","protected":false},"excerpt":{"rendered":"

The regulatory watchdog has issued a warning against India’s largest crypto exchange WazirX, the notice poses a significant challenge to the Indian crypto ecosystem. This bull season, India’s regulatory quandary has taken multiple twists and turns. First, there were speculations of a crypto bill being introduced during the forthcoming parliament session; however, the crypto bill […]<\/p>\n","protected":false},"author":12,"featured_media":6361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[132,1596,1595,735,1597],"class_list":["post-6360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto","tag-ed","tag-enforcement-directorate","tag-exchange","tag-wazirx"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Enforcement-Directorate-ED-issues-notice-against-WazirX.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6360"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6361"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}