Indian Watchdog Fines WazirX $6.6M for Tax Evasion
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Indian cryptocurrency exchange WazirX has come under regulatory radar as the exchange has allegedly or violating tax laws.

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According to the GST Mumbai East Commissionerate of Mumbai Zone, the exchange faced a total penalty of $6.6 million for failing to tax operations with WRX, WazirX's native token. The regulator added:

"The CGST department will cover all the cryptocurrency exchanges falling in Mumbai zone and will also intensify this drive in the coming days."

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As per The Economic Times, other cryptocurrency exchanges, such as CoinDCX, Unocoin, Coinswitch Kuber and BuyUCoin also faced investigations over alleged tax evasion. In June last year, India's financial regulator, the Federal Enforcement Directorate (ED), accused WazirX, the country's largest cryptocurrency exchange, of violation of foreign exchange regulations. According to reports, the investigations involved transactions worth ~$382 million.

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