Vauld explained that the decision of the Indian authorities to freeze their assets was not right.
Crypto lending platform Vauld said that Indian authorities “respectfully disagree” with the decision to freeze their assets.
Vauld Doesn’t Accept Indian Officials’ Decision
Recently, the Enforcement Directorate of India (ED) announced that it had frozen $46 million of Vauld’s assets. The Indian official cited the link to the money laundering case as the reason for freezing the company’s assets.
Vauld, on the other hand, said that the authorities had given the required documents to investigate. The company also said that the freezing decision was related to a previously disabled account belonging to a former customer of the platform.
In addition, Vauld stated that they follow a strict KYC policy and that the sanctions action disappointed them.
“We have fully cooperated with the Enforcement Directorate and will continue to cooperate so that our customers can own cryptocurrencies and make secure transactions with them.”
Vauld is one of the platforms that experienced a liquidity crisis in the middle of the crisis in the crypto markets. The company stopped withdrawals in July and now owes customers $402 million. The crypto lender has received a three-month moratorium from the Singapore Supreme Court to settle its financial issues.
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