Vauld, a Singapore-based crypto platform, said it disagrees with the Enforcement Directorate perspective on its KYC and AML procedures and the subsequent freeze on its bank assets.
“It is unfortunate that despite extending our cooperation, the Enforcement Directorate (ED) has proceeded to pass a freezing order, pursuant to which crypto assets in the pool wallets of the company have ordered to been frozen to the extent of approximately Rs 204 crore. The freezing order is specific to that one customer that availed our services for a brief period of time, whose account we subsequently deactivated. We respectfully disagree with the freezing order,” Vauld said in the statement.
The ED on Friday said that it has attached Rs 370 crore worth deposits — invested in bank, payment gateway and crypto accounts — of Flipvolt, the India-registered entity of Vauld.
The agency stumbled upon the alleged illegal activities of the company during its ongoing money laundering probe against some dubious smartphone-based loan lending apps which are stated to be ‘backed by’ Chinese funds.
Earlier this month, the agency froze bank deposits of Rs 64.67 crore of cryptocurrency exchange WazirX. In July, crypto exchanges, including CoinDCX, CoinSwitch Kuber, and Unocoin, were served notices by the ED as part of its ongoing investigation into alleged instances of foreign exchange violations.
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