India’s Financial Crimes Unit has targeted another crypto firm in the country.
The CoinSwitch Kuber, one of India’s largest cryptocurrency exchanges, has reportedly been accused by the Enforcement Department (ED) of violating India’s foreign exchange laws. Agency too Investigation Five CoinSwitch sites on Thursday.
An unnamed spokesperson says so Reuters That the auditors took over Financial records, aggregate information on foreign transactions, and audits of their compliance practices, all based on suspected currency violations.
CEO Ashish Singhal said this was not a raid and “not related to money laundering,” but rather an investigation into how the exchange operates, maintains Know Your Customer (KYC) requirements and brings in new clients.
Singhal told me that “most of their interaction with us has been about finding out what CoinSwitch is doing.” Reuters. He added that ED “has dealt with us regarding [the] How our crypto platform works and we fully cooperate with them.”
There are many media reports doing the rounds about ED Bangalore’s recent engagement with her Tweet embed. So let me clean the air.
• First, the events of the past few days are not related to money laundering or PMLA.
In July, Senegal spoke with business standard, indian print, Such as That the company ensures that “cryptocurrency transactions are within the framework of a know-your-customer framework”.
Investment strength Andreessen Horowitz led a round of financing content CoinSwitch put rhinos last year. CoinSwitch is too got back By, among others, Sequoia Capital India and Coinbase Ventures.
ED comes after Indian exchanges
This is not the first time that India’s Financial Supervisory Authority has cracked down on the country’s cryptocurrency industry.
On August 11, it was reported that ED was stalking another crypto exchange, WazirX. The agency claimed that WazirX sent over $130 million Unauthorized money to international exchanges, according to Economic times.
Agency most dangerous After a day of freezing $46.4 million in assets from Singapore-based cryptocurrency exchange folded due to alleged predatory lending practices.
Besides these fees, the state recently introduced a 30% tax on income generated from cryptocurrencies. exorbitant tariff rage Trading volumes on various exchanges including WazirX, ZebPay and CoinDCX.
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