Leading Indian cryptocurrency exchange WazirX has received a show cause notice from the Enforcement Directorate for contravention of the FEMA, 1999, for cryptocurrency transactions worth Rs. 2790.74 crore, the enforcement agency shared in a tweet on Friday. The enforcement agency in a press release added that Chinese nationals had used the crypto exchange to launder gambling proceeds worth Rs. 57 crore.
This is a developing story and more details will follow.