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Indian Authorities to Question Binance on Laundering of Betting Proceeds: Report
The Enforcement Directorate is investigating Chinese-operated betting apps that have collected more than $134 million over the last 10 months.
Автор Jamie Crawley
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Authorities in India are investigating whether Binance's WazirX was used in a money-laundering operation related to betting apps that have collected more than $134 million in the past 10 months, Bloomberg reported Friday.
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- The country's anti-money laundering agency, the Enforcement Directorate, wants to question Binance executives and is awaiting their response, Bloomberg said, citing unidentified people with knowledge of the issue.
- The Enforcement Directorate is investigating Chinese-operated betting apps that allegedly laundered some of these funds through the Binance-owned crypto exchange. Binance acquired WazirX in 2019.
- A Binance spokesperson said the company itself had not been contacted by any authorities in the matter. "We did not receive any summons in June or July of this year," the spokesperson said. "As per available info in the public domain, the summons was directed to only WazirX."
Read more: Binance-Owned WazirX Launches India’s First NFT Platform
UPDATE (July 21, 12:58 UTC): Updated with response from Binance spokesperson.
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Crypto custodian BitGo a potential acquisition target for Wall Street firms, analysts say
Compass Point and Canaccord call BitGo a potential acquisition target and defend the stock despite its weak debut, citing growth in institutional crypto infrastructure.
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- Wall Street analysts say BitGo’s expansion into full-service institutional crypto finance could drive long-term growth and make it an attractive acquisition target for traditional financial firms.
- Analysts argue that investors are overlooking BitGo’s potential to cross-sell prime brokerage-style services, which could significantly boost revenue if it can narrow the gap with rivals like Galaxy and Coinbase.
- Despite BitGo’s stock falling more than 40% since its January IPO, some analysts view the selloff as an overreaction and maintain buy ratings, citing the company’s solid competitive moat and strategic value to big banks entering crypto.
