India’s Financial Intelligence Unit (FIU) is reportedly on a crypto witch hunt, collecting data from the oh-so-popular Binance to track crypto transfers into private wallets that may be linked to Pakistan. 🇵🇰👀
According to a recent report by Money Control, these wallets, not tied to exchanges, have raised more alarms than a fire drill in a school. Some transactions could be funding illegal or terror-related activities in India, particularly in Jammu & Kashmir. 🚨💥
This comes a year after Binance resumed operations in India after paying a $2.25 million fine to regain FIU compliance. Because, you know, who doesn’t love a good fine? 💸😂
An official stated that Binance is cooperating with authorities in investigating the suspicious transactions. Last year, the exchange assisted India’s Enforcement Directorate (ED) in investigating financial crimes, which led to the arrest of up to four individuals. Because, you know, four’s a crowd when it comes to crime. 🕵️♂️👩⚖️
WazirX Under Scrutiny Over Crypto Activity
India’s largest crypto exchange, WazirX, which is popular for cross-border crypto transfers, is also under FIU’s close watch. Authorities have noticed an increase in crypto activity along the border, intensifying fears of digital assets being used as a channel for terror financing. Because, you know, who needs cash when you have crypto? 🤑💸
WazirX faces further challenges as a July 15 Singapore High Court hearing could determine whether users legally own their crypto on the platform. Because, you know, legal ownership is a thing. 📜⚖️
Romy Johnson’s 72-page affidavit claims WazirX wallets were linked to ISIS-related activities through TRX token transfers to a Syria-based entity. This further increases scrutiny for the platform, which recently argued that its parent firm, Zettai, does not need FIU-IND registration. Because, you know, who needs registration when you have a good lawyer? 🤷♂️👨⚖️
Bitcoin’s Use in Terror Financing?
The probe reflects the tense India-Pakistan dynamic, with Indian agencies intensifying crypto monitoring in border regions. Recent raids in Jammu & Kashmir reportedly uncovered evidence of Bitcoin being used by Pakistan-based handlers to support militant groups. Because, you know, Bitcoin is the new cash for the digital age. 🤑💻
Despite these security concerns, crypto adoption is booming in both nations. Pakistan has 15–20 million crypto users, ranking ninth globally in 2024. The country set up the Pakistan Crypto Council in March 2025 and the PVARA in July to regulate crypto services. Because, you know, regulation is the new black. 🕶️📊
India is also a global crypto leader, with trading volumes hitting $1.9 billion in late 2024. Yet, the country’s central bank remains cautious, warning of systemic risks. The government is currently reviewing its crypto policies to match global frameworks. Because, you know, who doesn’t love a good policy review? 📝🔍
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2025-07-11 19:27