ED is probing crypto based cross-border transactions worth around Rs 5000 crore.
Mudrex and Saber.money are the main names in this case. It is alleged that these platforms aided money remittances out of India illegally. The users would deposit fiat money and convert it into USDT before sending it abroad.
Binance and Bybit are also being named in this case. ED has alleged violations of FEMA provisions. The total amount involved in this case is around Rs 4600 crore.
What do you guys think about this? Will this affect other Indian exchanges also?
Source:
https://www.financemagnates.com/cryptocurrency/india-names-binance-and-bybit-among-foreign-platforms-in-585m-crypto-remittance-probe/http://
