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WazirX to launch decentralized exchange in India soon

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India’s largest cryptocurrency exchange by volume, WazirX, is on an advanced stage to launch a decentralized exchange of its own, cofounder Nischal Shetty said.

Unlike a centralized setup, where an exchange is the custodian of a customer’s cryptocurrency and controls who can or cannot open an account on it, a decentralized exchange operates without an intermediary organization for clearing transactions. The trades are executed on self-executing smart contracts.

It is like building software where peer-to-peer crypto trades can be facilitated, Shetty said. The decentralized exchange is currently undergoing tests and will be launched next month.

“Because a DEX (decentralised exchange) does not own the data, even the authorities can’t really go to the developer of the exchange and say I want the data,” Shetty said, adding that the data is available on the blockchain for everyone to see.

This development comes as WazirX has found itself in the crosshair with the authorities in India. The Enforcement Directorate (ED) had issued a show-cause notice to WazirX in June asking the exchange to explain transactions worth Rs 2,790.74 crore on account of foreign exchange rules violations. The exchange is believed to be preparing a response to the federal agency that probes money laundering.

Several legal and industry experts ET spoke to said decentralised exchanges are less cumbersome legally and provide greater transparency and control to crypto holders. There are fewer chances of hacking and price manipulation, they added.

Mathew Chacko, a partner at Spice Route Legal, said a decentralised exchange could face fewer risks from regulatory authorities. “From a global legal perspective, decentralised exchanges are seen as less of a legal problem than centralised exchanges. India, unfortunately, does not have any of this nuance in the law.”

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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