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The ‘dark aspect’ of cryptocurrency exposed in the WazirX case, invest wisely

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The ‘dark aspect’ of cryptocurrency exposed in the WazirX case, invest wisely

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Crypto Market: A money laundering investigation by the Enforcement Directorate of WazirX and subsequent disputes between its promoters has exposed the ‘dark side’ of cryptocurrency. A top government source said this on Thursday.

He said that people should keep in mind that there is currently no rule and law to control the trading done through cryptocurrencies and so-called exchanges, so they need to be careful about it.

Be careful in crypto market
The source said that people doing business in crypto need to be careful. In the case of WazirX, people came to know of several glitches. In view of this, caution is necessary in crypto transactions. The Enforcement Directorate (ED) is probing money laundering charges against WazirX.

How much money has been seized by ED from Chinese mobile company?
The agency has attached bank deposits worth Rs 64.67 crore as part of an ongoing money laundering probe against a smartphone-based loan app involved in fraud with the ‘backing’ of Chinese funds. Within days of the ED’s action, a public spat broke out between Changpeng Zhao, chief executive officer (CEO) of global cryptocurrency platform Binance, and WazirX co-founder Nischal Shetty.

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