Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-08-26 13:30:19

ED Searches Offices of Indian Crypto Exchange CoinSwitch Kuber

As part of its ongoing investigation into claims that cryptocurrency platforms have violated the Foreign Exchange Management Act (FEMA), the Enforcement Directorate (ED) inspected CoinSwitch Kuber’s offices at five different locations on Thursday, according to the Economic Times. CoinSwitch Kuber Received Government Queries Commenting on ED raids, a CoinSwitch Kuber spokesperson said, “We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early stage industry with many potentials, and we continuously engage with all stakeholders.” Top CoinSwitch Kuber executives quit the company in July. Sharan Nair, the chief business officer, and Krishna Hegde, the chief financial officer, and a senior executive are among those who have left the organization. Over 18 million people have enrolled on CoinSwitch, supported by companies like Andreessen Horowitz and Sequoia Capital India. On its platform, cryptocurrency worth over Rs 1 lakh crore has reportedly been traded. Other Troubled Indian Cryptocurrency Platforms In addition, Singaporean cryptocurrency lender Vauld is seeking legal advice in the continuing situation where ED has issued a freezing order. The news comes after ED froze the bank account of one of the directors of WazirX operator Zanmai Lab Private Ltd. According to the source, ED is looking into shady peer-to-peer (P2P) transactions, and the probe showed their (KYC...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.