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FIU Probes Binance, WazirX Over Crypto Terror Fears
The post FIU Probes Binance, WazirX Over Crypto Terror Fears appeared on BitcoinEthereumNews.com. FIU investigates crypto links to extremist groups via Binance and WazirX transfers. TRX token trails from India to Syria raise alarm over global extremist financing. India tightens crypto oversight as Pakistan formalizes regulation amid rising use. India’s Financial Intelligence Unit (FIU) has launched an in-depth investigation into cryptocurrency fund movements linked to cross-border activities. The focus is on suspicious transactions involving Pakistan-based sources, particularly in the volatile Jammu & Kashmir region. Authorities are increasingly alarmed that decentralized finance tools may be used to channel funds to extremist groups, potentially undermining national security. The probe specifically targets leading cryptocurrency exchanges Binance and WazirX. These platforms are suspected of facilitating transfers to unregulated private wallets. Related: India Urged to Follow US and Bhutan in Adopting a Sovereign Bitcoin Strategy These wallets operate outside the oversight of licensed exchanges, making them ideal for illicit transactions. FIU is working closely with multiple domestic and international exchanges to trace digital fund flows that may be supporting terror-linked operations. Binance and WazirX in the Spotlight The investigation comes months after Binance resumed full operations in India by settling a $2.25 million penalty. The penalty was issued in 2023 for violating anti-money laundering (AML) norms. Since regaining compliance, Binance has cooperated with Indian authorities on several fronts. The exchange had previously assisted in probes that led to key arrests in financial crime cases. WazirX, on the other hand, is under intense scrutiny for a rise in cross-border transfers. FIU flagged growing activity along the India-Pakistan border, prompting a deeper dive into the platform’s transaction history. Related: India Issues Crypto Tax Notices to Thousands, Seizes $327K in Crackdown Compounding its legal troubles, WazirX faces a crucial hearing in Singapore on July 15. The case questions user ownership of crypto assets on its platform, raising concerns over platform accountability.…
The post FIU Probes Binance, WazirX Over Crypto Terror Fears appeared on BitcoinEthereumNews.com.
FIU investigates crypto links to extremist groups via Binance and WazirX transfers. TRX token trails from India to Syria raise alarm over global extremist financing. India tightens crypto oversight as Pakistan formalizes regulation amid rising use. India’s Financial Intelligence Unit (FIU) has launched an in-depth investigation into cryptocurrency fund movements linked to cross-border activities. The focus is on suspicious transactions involving Pakistan-based sources, particularly in the volatile Jammu & Kashmir region. Authorities are increasingly alarmed that decentralized finance tools may be used to channel funds to extremist groups, potentially undermining national security. The probe specifically targets leading cryptocurrency exchanges Binance and WazirX. These platforms are suspected of facilitating transfers to unregulated private wallets. Related: India Urged to Follow US and Bhutan in Adopting a Sovereign Bitcoin Strategy These wallets operate outside the oversight of licensed exchanges, making them ideal for illicit transactions. FIU is working closely with multiple domestic and international exchanges to trace digital fund flows that may be supporting terror-linked operations. Binance and WazirX in the Spotlight The investigation comes months after Binance resumed full operations in India by settling a $2.25 million penalty. The penalty was issued in 2023 for violating anti-money laundering (AML) norms. Since regaining compliance, Binance has cooperated with Indian authorities on several fronts. The exchange had previously assisted in probes that led to key arrests in financial crime cases. WazirX, on the other hand, is under intense scrutiny for a rise in cross-border transfers. FIU flagged growing activity along the India-Pakistan border, prompting a deeper dive into the platform’s transaction history. Related: India Issues Crypto Tax Notices to Thousands, Seizes $327K in Crackdown Compounding its legal troubles, WazirX faces a crucial hearing in Singapore on July 15. The case questions user ownership of crypto assets on its platform, raising concerns over platform accountability.…
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