PlayIconNav
BTC
$67,808.23+2.23%
ETH
$3,255.51+2.30%
BNB
$579.32+0.95%
SOL
$181.83+5.03%
XRP
$0.59706442-1.00%
DOGE
$0.13337671+4.78%
CD20
$2,289.12+3.03%
TON
$6.67+0.54%
ADA
$0.41538928+4.30%
TRX
$0.13762171+1.11%
AVAX
$28.67+4.64%
WBTC
$67,910.29+2.41%
Ad
Markets

Indian Authorities to Question Binance on Laundering of Betting Proceeds: Report

The Enforcement Directorate is investigating Chinese-operated betting apps that have collected more than $134 million over the last 10 months.

By Jamie Crawley
AccessTimeIconJul 30, 2021 at 12:06 p.m. UTC
Updated Sep 14, 2021 at 1:33 p.m. UTC
Indian police car on patrol.
Indian police car on patrol.

Authorities in India are investigating whether Binance's WazirX was used in a money-laundering operation related to betting apps that have collected more than $134 million in the past 10 months, Bloomberg reported Friday.

  • The country's anti-money laundering agency, the Enforcement Directorate, wants to question Binance executives and is awaiting their response, Bloomberg said, citing unidentified people with knowledge of the issue.
  • The Enforcement Directorate is investigating Chinese-operated betting apps that allegedly laundered some of these funds through the Binance-owned crypto exchange. Binance acquired WazirX in 2019.
  • A Binance spokesperson said the company itself had not been contacted by any authorities in the matter. "We did not receive any summons in June or July of this year," the spokesperson said. "As per available info in the public domain, the summons was directed to only WazirX."

UPDATE (July 21, 12:58 UTC): Updated with response from Binance spokesperson.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.