Last week, the Enforcement Directorate (ED) raided Crypto Currency exchange company WazirX for assisting some instant loan app companies. Owing to this, ED froze bank assets worth Rs 64.67 Crore of the Crypto Currency exchange firm. The company has now shared response for its users informing them to not worry about the platform’s operations. Also Read - Xiaomi says it was disappointed after ED seized assets worth Rs 55.51 billion, will continue to protect its assets in India
After ED froze the company’s bank assets, several users were concerned about whether their funds were safe and whether the platform will continue to work as it was. WazirX on Sunday (August 7) responded to such queries by posting on its Twitter handle. Also Read - Chinese mobile firms plan to set up plants elsewhere amid India crackdown
“In light of recent news about WazirX, we wanted to assure you that operations are being conducted as usual,” said the company. Also Read - ED raids various premises across the country in HPZ app-based token fraud
Furthermore, it revealed that the withdrawals are working normally. “Crypto and INR withdrawals are being processed normally.”
Earlier than this, on Saturday (August 6) WazirX also gave a statement for the claims imposed on the company. Contrary to what the government body said, WazirX said that they are “fully cooperating” with ED for “several days and have responded to all their queries fully and transparently.”
The company further stated that it does not agree with the allegations imposed by ED and is working on a plan of action to tackle this.
To those unaware, the government body ED raided the company officials for assisting accused instant loan companies.
The company director Sameer Mhatre, who despite having remote access to the database of the company didn’t provide any details of the transactions relating to crypto assets, purchased from the proceeds of crime of instant loan app fraud.
Following this, the director was said to be “non-cooperative” by the government body.
WazirX is one of the popular cryptocurrency exchange platforms used mainly for Bitcoin and other popular coins like Ethereum, etc. The platform comes with an easy-to-use design and is known for its security.