Following the freezing of Vauld Group’s owned crypto platform FlipVolt by the Indian Enforcement Directorate (ED), the embattled buying and selling agency mentioned it didn’t agree with the actions of the regulation enforcement company.
Vauld Group mentioned all the asset freeze was fueled by the actions of simply one in all its purchasers, including that it has at all times cooperated with the regulator when it requested paperwork or knowledge clarifications.
“It’s unlucky that, regardless of extending our cooperation, the Enforcement Directorate has proceeded to cross a freezing order, pursuant to which crypto property within the pool wallets of the corporate have ordered to been frozen to the extent of roughly INR 2040 million. The freezing order of the Enforcement Directorate is particular to that one buyer that availed our providers for a quick time frame, whose account we subsequently deactivated. We respectfully disagree with the freezing order,” Vauld Group mentioned.
Whereas the guardian Vauld Group is at the moment dealing with capital and liquidity pressure based mostly on the present market situations, the response to the Enforcement Directorate is clear that the startup is unwilling so as to add extra stress to what it at the moment has happening.
The Enforcement Directorate has lately been within the information with its now-frequent crackdown on buying and selling platforms. Earlier this month, the regulator seized the property of the Binance exchange-linked WazirX alternate for allegedly serving to Chinese language mortgage apps to launder funds.
Whereas WazirX mentioned it is usually working with the regulators, the pattern during which buying and selling platforms are introduced beneath scrutiny is rising in additional jurisdictions than simply India. On the a part of Vauld Group, the corporate, based mostly out of Singapore, mentioned it’s at all times following the precise laws in all nations and is engaged on its authorized choices within the case with the Enforcement Directorate.
“Now we have absolutely cooperated with the Enforcement Directorate and can proceed to increase our cooperation to make sure we proceed to stay a protected place for patrons to transact and personal cryptocurrencies,” the corporate added.
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