Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: After Indian Crypto Exchange Wazirx, Coinswitch Next on Regulators’ Radar
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: After Indian Crypto Exchange Wazirx, Coinswitch Next on Regulators’ Radar
Share
  • bitcoinBitcoin(BTC)$27,654.00
  • ethereumEthereum(ETH)$1,898.31
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$311.65
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.497659
  • cardanoCardano(ADA)$0.375871
  • staked-etherLido Staked Ether(STETH)$1,899.11
  • dogecoinDogecoin(DOGE)$0.072302
  • solanaSolana(SOL)$20.99
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > After Indian Crypto Exchange Wazirx, Coinswitch Next on Regulators’ Radar
News

After Indian Crypto Exchange Wazirx, Coinswitch Next on Regulators’ Radar

Krutika Adani
Last updated: 2023/03/14 at 12:01 PM
Krutika Adani  - Social Media Head Published August 26, 2022 March 14, 2023
Share
VOC, Voice of Crypto, ED

As India still awaits clarity on Crypto regulation, the Indian watchdog ED continues its stringent stance against the Crypto sector.

Contents
ED Lens on CoinSwitchIndia’s Crypto Stance

On August 5, the Enforcement Directorate conducted searches at the premises of Zanmai Labs Private Limited, which owns and operates the crypto exchange platform WazirX. The ED had reportedly frozen bank assets worth Rs 64.67 crores. This investigation is linked to the ongoing investigation against many Chinese loan apps.

The ED said that the accused used instant loan app companies to launder money via the sale and purchase of virtual crypto assets. The agency also found that these loan apps used digital assets to take money out of the country and transfer it to Hong Kong via WazirX.

The Ministry of Finance also announced that it was investigating two cases against WazirX under the Foreign Exchange Management Act (FEMA), with allegations that WazirX used the Binance crypto exchange to disguise transactions.

- Advertisement -

However, WazirX has claimed it was compliant with the KYC law and had a no-tolerance policy toward any illegal activities.

Earlier this year, the ED also issued a show-cause notice to cryptocurrency exchange WazirX and its directors Nischal Shetty and Sameer Mhatre on June 11 for allegedly violating guidelines in connection with transactions worth Rs 2,790.74 crore.

ED Lens on CoinSwitch

Continuing its money laundering probe, the ED lately searched five premises connected with crypto company CoinSwitch on alleged money laundering charges. The crypto exchange is suspected of acquiring shares worth more than $250 million in infringement of forex laws and non-compliant with certain Know Your Customer (KYC) requirements.

Launched in 2020, CoinSwitch Kuber is one of the largest crypto platform in India, with over 18 million registered users. The platform reached unicorn status last year after raising $260 million in a Series C funding round led by Coinbase Ventures and Andreessen Horowitz. The company is also backed by Sequoia, Paradigm, Ribbit, and Tiger Global.

- Advertisement -

The ED also scrutinizes multiple possible contraventions under FEMA and other entities connected to CoinSwitch. A company spokesperson told IANS that they received multiple queries from government agencies. “Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders,” the spokesperson mentioned

Over ten crypto exchanges are currently under the ED radar for their alleged involvement in money laundering of over Rs 10 billion.

In another case of the crackdown on crypto exchanges, the agency had seized assets worth Rs 370 crores, including the crypto balances in the Flipvolt crypto exchange.  The ED scrutinized various premises of Yellow Tune Technologies Pvt Ltd in Bengaluru and froze assets belonging to Flipvolt crypto exchange, which runs the Darshan Bathija-led Vauld.

Like several other players offering crypto services in India, the company received summon from the ED office in July, “seeking certain information/documents.” Crypto lender Vauld offered services to Indian residents through its domestic entity Flipvolt Technologies.

- Advertisement -

India’s Crypto Stance

Additionally, Reserve Bank of India governor Shaktikanta Das believes crypto is useless for developing economies like India. This year the government also introduced two new laws imposing crippling taxes on crypto-related unrealized gains and transactions.

In a recent survey conducted with 2042 Indian cryptocurrency investors by crypto exchange KuCoin, 33% of respondents were concerned by ambiguous government regulations that could deter potential investors from crypto.

You Might Also Like

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

10 Top Cryptocurrency Exchanges in the USA

Potential Losses for the U.S. in its Cryptocurrency Fight

BIG Catalyst Incoming for the Ethereum (ETH) Price

Crypto Investors Beware! Incoming Pump on ETH-Based Altcoin- RNDR

TAGGED: Crypto Exchange
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article DOGE Dogecoin Price Crypto Bears Keep a Hold on Dogecoin Price Movement, What’s Next On Chart?
Next Article VOC, Voice of Crypto, Crypto XRP, ADA, MATIC, ETC, and AAVE Remain Bullish despite Broader Crypto Market Slump
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
techcircus
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
MetaZone Secures Funding to Expand the World’s First Tokenized App Platform for the Metaverse
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?