Connect with us

Coin Market

Indian Finance Minister Asks Crypto Investors to Exercise Caution as Authorities Investigate Exchanges

Published

on

India’s finance minister has cautioned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms.

Indian Finance Minister Cautions About Crypto

Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrency Saturday at an event organized by the BJP Economic Cell. She cautioned the public and entrepreneurs that cryptocurrency is not currency, stating:

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.

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 as India’s Enforcement Directorate (ED) probes cryptocurrency exchanges in relation to its money-laundering investigations. The law enforcement agency has frozen the assets of at least two cryptocurrency exchanges this month. Wazirx‘s bank assets worth $8 million were frozen on Aug. 5 and Vauld‘s bank and crypto assets worth about $46 million were frozen last week.

Responding to the ED’s allegations, Vauld released a statement Saturday revealing that it fully cooperated with the ED and provided all the required information and documents after receiving a summons in July. Noting that the freeze order is specific to one customer whose account was deactivated after using the exchange’s services for a brief period of time, the company stressed:

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.

What do you think about the finance minister cautioning investors about crypto and the ED investigating crypto exchanges? Let us know in the comments section below.

The post Indian Finance Minister Asks Crypto Investors to Exercise Caution as Authorities Investigate Exchanges first appeared on RealTimeBit.

Continue Reading

Coin Market

Your fridge could one day stake Ether, launch memecoins: CFTC chair

Published

on

By

CFTC chair Mike Selig says autonomous AI agents could challenge financial rules built around human traders, and regulators need to adapt.

Continue Reading

Coin Market

Tampered Ledger wallets cost Singapore users $2.7M: Police

Published

on

By

Police say at least two cases were reported as early as Sept. 10, nearly a month before the wider incident became public.

Continue Reading

Coin Market

Bitcoin faces fresh pressure after Fed’s hawkish rate hold: Analysts

Published

on

By

Traders are pricing in a 78% chance of a December rate hike, while analysts say Treasury yields, the US dollar and upcoming inflation data could determine Bitcoin’s next move.

Continue Reading

Trending