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India Regulator Probes at Least 10 Crypto Exchanges on Money Laundering Allegations: Report
The Enforcement Directorate believes approximately 1000 crore rupees ($130 million) could have been laundered in the case.
By Amitoj Singh
Updated May 11, 2023, 3:38 p.m. Published Aug 11, 2022, 10:34 a.m.
India's Enforcement Directorate (ED) is investigating at least 10 crypto exchanges for allegedly assisting foreign firms launder money via crypto, according to an Economic Times report, citing people aware of the matter.
The money laundering investigation gained attention recently after the ED raided the properties of a WazirX director. This sparked an online spat between WazirX founder Nischal Shetty and Binance CEO Changpeng Zhao over whether Binance owns of the Indian exchange.
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The government agency estimates the accused firms laundered more than 1,000 crore rupees, or around US$130 million, in the instant loan app case, adding that most of the allegations have a China link, the report said.
In an earlier press release, the ED had stated "summons were issued to the crypto exchanges" after conducting raids on the properties of a WazirX director. The ET report adds that at least 10 exchanges are under investigation.
The accused firms approached exchanges to buy crypto for more than Rs 100 crore (around $13 million) after which the tokens were sent to international wallets without enhanced due diligence or raising suspicious transaction reports (STR), according to the probe's current findings as stated in the report.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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