NewsletterVauld Fights Money Laundering Allegations; Says It Disagrees With Freeze Order
The Enforcement Directorate of India (ED) launched its back to back inquiry over several digital asset exchange platforms. Recently, Singapore based crypto exchange, Vauld, landed under the radar of the anti money laundering agency.
Is Vauld cooperating with ED?
In a press release, ED mentioned that it conducted searches at the local entity of Vauld in Bangalore. It highlighted that the agency has issued a freezing order to freeze Vauld’s bank balances and payments gateway balances. These frozen assets value around Rs 370 crore (approx $46 million).
However, Vauld has issued its statement over the claims pressed by the ED. It mentioned that many crypto exchanges received summons from the anti money laundering agency in the month of July 2022. The ED asked for certain details and documents.
It added that Vauld completely cooperated with the ED in providing all required documents. Meanwhile, the crypto exchange called it unfortunate that the agency proceeded to freeze the assets despite cooperation. Around $25 million worth of crypto assets in the pool wallets are froze.
Vauld stated that completely disagree with the freezing order. It mentioned that the ED specifically called out to that one customer that availed their services. However, that account was deactivated.
Crypto exchange seeks legal advice
The blog added that Vauld is seeking legal advice to file for their best course of action to protect the interest of the customers and the company. It mentioned that the exchange strictly follows KYC regulations in every country. Further, it stated that they fully cooperated with the ED and will continue to do that.
Meanwhile, the ED’s report mentions that the company’s promoters are untraceable. It was found that some shell entities were made by some Chinese nationals. However, new bank accounts were also being opened in the name of dummy Directors. These suspects left India in December 2020.
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