What's the big news about WazirX being swamped by regulators? | TokoToken (TKO) Announcement [Official]

What's the big news about WazirX being swamped by regulators?
On 11 June 2021, Nischal Shetty and Sameer Hanuman Mhatre who are respectively the CEO and co-founder of WazirX - India's largest crypto exchange was issued with a Show Cause Notice (SCN) by the country's Directorate of Enforcement (ED), a national law enforcement and economic intelligence agency.

So, what was the cause of concern for the issuance of this SCN?
The ED's investigation is centered on allegations that WazirX may be in breach of its AML/CTF obligations by failing to provide the requisite paper trail in relation to transactions undertaken by a Chinese-owned illegal online betting app which has misused WazirX's exchange to launder proceeds of crime worth approximately USD7.78 million.

Similar exchange-related laundering might happen even in Indonesia though Tokocrypto has so far maintained a clean record by working closely with authorities to spearhead regulations to prevent such cases.

Till next time, adios Tokonauts.