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Cryptoknowmics 2022-07-06 10:59:59

ED Sends Notices to Top Crypto Companies, Seeks More Information

India’s anti-money laundering agency, the Directorate of Enforcement (ED), has asked top crypto companies for more information and documents as part of its ongoing investigation into any possible foreign exchange crimes. India’s ED Asks Top Crypto Sites For More Information According to a report from the Economic Times, India’s Directorate of Enforcement (ED) sent notices to CoinDCX and CoinSwitch, in accordance with the local Foreign Exchange Management Act (FEMA). The regulatory agency is trying to find whether these firms were involved in foreign exchange violations or not. India’s FEMA rules provide for the maintenance of the foreign exchange market in the country and allow the country’s authorities to seek more information. The objective of the Act is to facilitate external trade and payments and for promoting the orderly development and maintenance of the forex market in India “Transaction history, relationship with foreign exchanges, how much money is going out of India ED is examining every detail on offshore transactions,” an official said. “Information has been sought from the exchanges and in certain cases their executives have also joined the probe. The documents are being examined and if need be, they could be called again,” the official added. Indian crypto exchanges are already seeing plummeting trading volumes amid the prolonged crypto market. On top of that, investors are already subjected to a high tax of 30%...

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