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India freezes Binance's $1.57 million cryptocurrency balance in bitcoins under AML law

( September 28, 2022, 21:10 GMT | Official Statement) -- MLex Summary: India's financial crime-fighting watchdog has frozen bitcoins valued at $1.57 million, lying with Binance crypto exchange, under the provisions of the Prevention of Money Laundering Act 2002. The Directorate of Enforcement initiated an investigation against a few individuals related to a mobile gaming application, E-nuggets, which was allegedly designed to defraud the public. The app collected sizeable amounts and suddenly stopped withdrawals from the app, wiping out users' data and profiles, the ED said in a statement on Wednesday. The investigation revealed that funds had been laundered by setting up dummy accounts opened in the Indian crypto exchange WazirX to purchase crypto currencies and thereafter transferred to another account in Binance. The balance of the transferred bitcoins at Binance crypto exchange have been frozen.The Directorate of Enforcement's press release follows:...

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