ED issues show cause notice to WazirX for crypto transactions worth INR 2790.74 Cr


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Indian crypto exchange WazirX (a Binance subsidiary), has been served a show-cause notice by the Enforcement Directorate for allegedly violating The Foreign Exchange Management Act, 1999 in transactions involving cryptocurrencies worth INR 2790.74 Cr. The notice has been served to the company Zanmai Labs Pvt Ltd, the legal name of WazirX, and its directors Nischal Shetty and Hanuman Mhatre.