According to a report from The Crypto Times on May 13, 2026, a parliamentary committee led by Bhartruhari Mahtab will hold three meetings on May 20, 2026, to continue its investigation into virtual digital assets (like cryptocurrencies) and their future.
The event will be divided into three sessions. From 11:00 AM to 12:30 PM, representatives from ZebPay, Binance, and WazirX will speak. Following this, from 12:30 PM to 1:30 PM, the International Financial Services Centre Authority (IFSCA) will present. Finally, starting at 2:00 PM, representatives from the Ministry of Finance (Department of Revenue) and the Ministry of Corporate Affairs will participate.
The recent announcement has sparked curiosity within the crypto world and among policymakers. People are wondering why these particular three exchanges were singled out, considering there are 49 registered with India’s Financial Intelligence Unit as of January 2026. So far, Director Bharti Sanjeev Tuteja hasn’t offered any official reason for this decision.
The information presented below comes from official statements, government records, and reports from trusted sources in India. We encourage readers to review these sources and draw their own conclusions.
The E-Nugget online gaming app case is the clearest publicly known connection between ZebPay, Binance, and WazirX from the perspective of Indian law enforcement.
The Enforcement Directorate in Kolkata recently seized about ₹90 crore from cryptocurrency wallets connected to 70 accounts on Binance, ZebPay, and WazirX, according to a Business Standard report from April 30, 2024. The seized funds are tied to the “E-Nugget” app, which authorities say lured users with promises of high returns before disappearing.
The investigation began in 2022 following a police report from Park Street Police Station in Kolkata. It was launched under the Prevention of Money Laundering Act.
According to statements made by the Enforcement Directorate, authorities have seized, attached, or frozen assets worth Rs 163 crore in this case. This represents a significant level of cooperation between Indian authorities and three major crypto platforms during a single investigation. The Crypto Times reported on this development on May 2, 2024.
WazirX: The major hack and offshore restructuring
WazirX, formerly the leading cryptocurrency exchange in India, recently experienced a significant security issue – a major data breach.
On July 18, 2024, about $230 million worth of digital assets (roughly Rs 2,000 crore) were stolen from a secure wallet, as reported by The Times of India on July 19, 2024. The platform quickly halted all trading and withdrawals. WazirX’s parent company, which is based in Singapore, then began a restructuring process through the Singapore High Court.
As a crypto investor, I’ve been following the WazirX situation closely. It’s concerning that a lot of their operations were happening offshore, even though most of their users are in India. This has raised some valid questions about who’s responsible if something goes wrong and how to protect consumers like me. I understand a parliamentary committee is looking into crypto regulations, and I hope they dig into this aspect of WazirX’s setup. WazirX claims a security breach happened because of a third-party custodian, and they say they’ve improved security since then, which is good to hear, but it definitely makes you think twice.
Binance: FIU Compliance, Enforcement Cooperation, and Pakistan Engagements
Binance, the biggest cryptocurrency exchange globally, has faced regulatory scrutiny in India, primarily related to following rules designed to prevent money laundering.
In December 2023, India’s Financial Intelligence Unit – National Database of Crime Records (FIU-IND) warned offshore cryptocurrency exchanges like Binance for operating in the country without registering under anti-money laundering laws. As a result, access to these exchanges was blocked in January 2024.
Binance re-started its services in India in August 2024 after registering with the Financial Intelligence Unit-India (FIU-IND) and paying a fine of ₹18.82 crore. As part of resuming operations, the company also required all Indian users to re-verify their identities.
The exchange has worked with Indian authorities on investigations like the E-Nugget case, sharing wallet information that helped them seize assets.
A report released on April 8, 2025, indicates that Pakistan has named Changpeng Zhao, the founder of Binance, as an advisor to the Pakistan Crypto Council (PCC).
On December 12, 2025, The Times of India reported that Binance CEO Richard Teng and Pakistan’s Finance Minister Muhammad Aurangzeb signed a preliminary agreement to investigate the possibility of tokenizing up to $2 billion worth of government and real-world assets.
Binance executive Teng recently met with key Pakistani leaders, including Prime Minister Shehbaz Sharif and Army Chief Asim Munir, along with other government officials. The meetings focused on topics like cryptocurrency regulations, developing blockchain technology in Pakistan, and training local experts.
ZebPay: One of India’s oldest exchanges, enforcement links, and cybercrime flagging
As an analyst covering the Indian crypto market, I’ve been following ZebPay for quite some time. Launched in 2014 and based in Ahmedabad, it’s one of the earliest crypto exchanges in India, currently serving over six million users. What consistently stands out about ZebPay is its strong commitment to regulatory compliance – they’ve registered with FIU-IND and really prioritize things like thorough KYC checks, anti-money laundering measures, and robust cybersecurity.
The most well-known instance of this platform’s involvement with law enforcement is the case involving E-Nugget. Reports from the Enforcement Directorate on April 30, 2024, indicate that a substantial amount of money connected to the suspected fraud was found in ZebPay wallets, resulting in those wallets being seized, along with assets from Binance and WazirX.
The investigation, which uncovered fake bank accounts and illegally obtained money, put ZebPay at the center of a significant money laundering case.
ZebPay has also been investigated by the government as part of a larger look into cyber fraud. According to reports in The Indian Express, data from the government’s cybercrime unit (I4C) shows ZebPay was used to move money obtained through scams and other illegal activities.
ZebPay insists it has done nothing wrong and has strong systems in place to catch unusual activity. However, its repeated mention in reports about enforcement actions, along with other large platforms, is attracting scrutiny from regulators. This is happening as authorities increasingly investigate how virtual digital assets are used in cybercrimes.
As a crypto investor, I think ZebPay’s experience with things like fraud investigations and reporting cybercrime puts them in a really good position to talk to lawmakers about what practical compliance actually looks like. They can offer valuable insights into how platforms can best manage risks and stay secure – it’s not just about following rules on paper, but understanding what works in the real world.
The broader context: What the committee has already heard
On May 20th, the committee continued its work on virtual digital assets. Following a report released on August 16, 2025, the Standing Committee on Finance chose to conduct a thorough study of these assets throughout 2024-25.
On January 7, 2026, the panel received information from FIU-IND and the Central Board of Direct Taxes (CBDT) regarding tax notices related to virtual digital assets (VDAs) and the 49 registered cryptocurrency exchanges, according to a report by The Crypto Times.
Information publicly available from parliamentary records, financial intelligence units, tax authorities, and investigations into online gold trading shows that ZebPay, Binance, and WazirX are repeatedly connected to enforcement actions.
What May 20 could address
On May 20th, the committee will hold separate meetings to gather information in stages. First, they’ll hear from the exchanges about their day-to-day operations and how they follow the rules. Next, they’ll meet with IFSCA, the organization that, starting in 2025, stopped allowing crypto assets to be traded as financial products in GIFT City. Finally, they will discuss the overall policy approach with representatives from the relevant ministries.
- For WazirX, the committee may seek updates on the 2024 hack recovery and post-restructuring consumer protections.
- For Binance, questions could focus on its cooperation with Indian law enforcement, ongoing compliance practices, and its engagements with neighbouring countries.
- For ZebPay, the discussion may centre on its long operating history, direct experience with ED probes like E-Nugget, its role amid cybercrime flagging, and practical suggestions for strengthening India’s VDA framework while maintaining user trust.
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2026-05-14 16:22