Binance’s account of ‘Crypto King’ Adivirkar has been frozen by NCB.

  • Binance, a Cayman Islands-based cryptocurrency exchange, has frozen the account of an accused in a contraband case in line with a request from the Narcotics Control Bureau, people aware of the development said.
  • The Competent Authority, Smugglers and Foreign Exchange Manipulators Act, Mumbai, has recently confirmed NCB’s plea to freeze the account held by Makarand Pardeep Adivirkar who allegedly used bitcoins to buy LSD, a psychotropic substance, in November 2020.
  • Adivirkar allegedly used to take cash from the local peddlers and use his cryptocurrencies to purchase drugs from abroad. Binance, which bought India’s largest cryptocurrency exchange WazirX in 2017, was not immediately available for comment.
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