Vauld Refutes Charges of Flouting KYC Rules, Says He’s Extends Cooperation with ED

We are seeking legal counsel regarding the best option to safeguard the interests of the business as well as its clients and all participants The Vauld

In spite of our continued cooperating, ED has proceeded to issue a freeze order that is a freeze on crypto asset within the wallets of the pool company, worth around INR 2040 million: Vauld

We have been fully cooperating fully with Enforcement Directorate and will continue to strengthen our relationship the crypto exchange added.

The one day following the Enforcement Directorate (ED) froze assets belonging to Vauld, the Indian entity known as Vauld The crypto website on Sunday (August 13) stated that it has cooperated with the agency and it was seeking legal advice to safeguard its interests.

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“We adhere to the strictly KYC (know who you are as a customer) rules in every country which includes India. We are seeking advice from a lawyer regarding the best option to protect the interests of the business as well as its customers and everyone else involved,” Vauld said in an declaration.

The company also stated that the freezing order delivered by ED refers to a particular client who accessed their services during a short amount of time. Vauld further stated that the account at issue was then removed from the company.

It denied allegations of ignoring KYC rules and also criticized its freezing orders issued by the government agency.

“It is a pity that, despite our efforts to cooperate to we are not cooperating with the Enforcement Directorate has proceeded to adopt a freezing decision, according to which crypto assets held in the account of the company’s pool are to be frozen to around INR 2040 million,” Vauld said.

On Friday this week, the the ED frozen assets worth INR 37.7 crore that belonged to a Bengaluru-based company which is part of the Indian company known as Vauld, Flipvolt Technologies. The agency also stated that it searched multiple properties of the shell business and found out that the business was owned by Chinese citizens with questionable directors.

Disproving claims of non-cooperation Vauld said it had given all required documents and information in response on summons issued by ED on July.

“We have fully cooperated with the Enforcement Directorate and will continue to extend our cooperation to ensure we continue to remain a safe place for customers to transact and own cryptocurrencies,” the Singapore-headquartered company said.

The ED’s investigation into the matter revealed that 23 NBFCs as well as Fintech firms were accused of diverting funds worth INR 370 crore to the wallets from Yellow Tune. The proceeds were used to buy cryptocurrencies that were then transferred to various international wallets.

The ED also accuses Flipvolt of not providing KYC documents for the opposite third party wallets, and of failing to track the crypto transactions.

This development is a further symptom of the troubles of Vauld the company that announced the suspension of its operations due to the high risk of exposure due to Terra Luna crash and rising customer withdrawals. Recently an Singapore court gave the company three months of protection from creditors through November.

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