ED probes ₹5,000 crore crypto-linked cross-border transactions

[Munshi Prem Chand]

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://

[Lender]

What do you guys think about this? Will this affect other Indian exchanges also?

https://CryptoIndiaUnited.com/usdt_price.php

USDT rate against INR is unaffected!

[Clement Kaliyar]

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.

Is this supposed to be the way crypto was supposed to work? You convert your fiat money into USDT, and I have no idea whether you are able to withdraw crypto from Mudrex or Saber, let alone any crypto exchange running in India.

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.

Is the ability to withdraw crypto from these exchanges the violation they see?

What do you guys think about this? Will this affect other Indian exchanges also?

They will find one or the other reason to target all the other exchanges.

[Munshi Prem Chand]

...

While whether it's crypto or not is not really an issue here, what ED has done is point towards the moving of INR into USDT and sending it overseas without going through proper banks. This is covered under the FEMA rules.

As for whether withdrawals were permitted or not that doesn't matter, it's alleged these platforms made it easier for people to move money.

Other Indian exchanges are likely to get further scrutiny. Regulators tend to widen their net when they look at one or two platforms.