Last week, cryptocurrency trading platform WazirX announced that between April and September, it had blocked over 700 accounts as a result of orders from law authorities and internal investigations into alleged irregularities.
3,300 cryptocurrency accounts that were suspected of being used for money laundering, drug trafficking, and other illicit activities, such as financing social unrest, were monitored by India’s Financial Intelligence Unit (FIU) during the course of the previous eight months. Other law enforcement organizations and cryptocurrency exchanges, both in India and outside, have received the information from the agency.
In addition to contacting global organizations, FIU has recommended closing these accounts. India is a part of the Egmont Group, a global association of 166 nations’ financial intelligence agencies.
A senior official stated, “From April to November, we tracked over 3,300 accounts linked to various criminal operations,” adding that the list had been given to the Enforcement Directorate, the Income Tax Department, and the Central Bureau of Investigation.
In situations where they were local and using cryptocurrency exchanges situated in India, the enforcement agencies have already made requests for the termination of the crypto accounts.
In addition to contacting global organizations, FIU has recommended closing these accounts.
India is a part of the Egmont Group, a global association of 166 nations’ financial intelligence agencies.
A senior official stated, “From April to November, we tracked over 3,300 accounts linked to various criminal operations,” adding that the list had been given to the Enforcement Directorate, the Income Tax Department, and the Central Bureau of Investigation.
In situations where they were local and using cryptocurrency exchanges situated in India, the enforcement agencies have already made requests for the termination of the crypto accounts.
“It is concerning that cryptocurrencies are being used more frequently to finance social disturbance,” the official stated. “The majority of them conduct their transactions on the dark web. However, they are able to obstruct such transactions thanks to technological advancements and cross-agency cooperation.”
According to the official, 70% of these accounts have already been disabled, and the remaining 30% are either being closed or fall outside the purview of Indian law enforcement.
“It is concerning that cryptocurrencies are being used more frequently to finance social disturbance,” the official stated. “The majority of them conduct their transactions on the dark web. However, they are able to obstruct such transactions thanks to technological advancements and cross-agency cooperation.”
According to the official, 70% of these accounts have already been disabled, and the remaining 30% are either being closed or fall outside the purview of Indian law enforcement.
Enforcement agencies are closely collaborating with international agencies in cases where exchanges take place in other jurisdictions, and they have alerted the request to these organizations, including Interpol, the Eurasian Group, the Egmont Group of FIUs, and Europol, according to the official.
Last week, cryptocurrency trading platform WazirX announced that between April and September, it had blocked over 700 accounts as a result of orders from law authorities and internal investigations into alleged irregularities.
The third “No Money for Terror” Ministerial Conference, which examined new technologies used in financing terrorism and countermeasures, was held in India last month. New Delhi suggested creating a permanent secretariat to support the ongoing global attention on countermeasures.
