Indian authorities are reportedly investigating cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case that raked in more than 10 billion rupees ($134 million).
Binance’s Regulatory Troubles Continue
India is reportedly investigating whether the global cryptocurrency exchange Binance had any role in a Chinese money laundering scheme involving betting apps, local media reported Friday, citing people with knowledge on the matter.
The country’s Enforcement Directorate (ED), a law enforcement agency under the Ministry of Finance, has summoned Binance’s executives for questioning, according to the people who asked not to be identified as the matter is still under investigation.
The case centers around betting apps run by Chinese operators. They allegedly raked in more than 10 billion rupees over the past 10 months. They were suspected of laundering part of the money through local Indian crypto exchange