See related article: India authorities freeze Vauld exchange’s assets worth $46.5 mln
“If a cybercrime case is raised for say even an amount of 10,000 Indian rupees (US$125), the law enforcement officer (police officers) can block the entire account,” Gaurav Dahake, CEO of the exchange, said in a statement.
“Most law enforcement officers do not understand the gravity of such a decision. Instead of blocking only the relevant amount to a case, the entire amount is debit blocked,” he said.
Bitbns said that its crypto withdrawal is functioning as usual so users can withdraw from any “other destination,” without clarifying which other destinations. The exchange said it will add USDT P2P (peer to peer) for users to withdraw instantly.
“Payment processors do not support crypto. The only solution for crypto companies remains is to accept funds in bank accounts,” Dahake said.
India’s Enforcement Directorate, the country’s economic crime unit, is reportedly investigating more than 10 cryptocurrency exchanges in India for allegedly laundering over 10 billion rupees (US$125 million).
See related article: India questions Binance-backed WazirX on foreign exchange violations