BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

India’s Financial Authority Searches Crypto Exchange CoinSwitch Kuber

by BlockNews Team
September 3, 2022
in BUSINESS, CRYPTO, POLITICS
Reading Time: 3 mins read
A A
1
SHARES
18
VIEWS
Share on XShare in TelegramShare on Reddit

Ashish Singhal, Co-founder and CEO of India’s top crypto exchange CoinSwitch Kuber said that the company is cooperating with the country’s Enforcement Directorate (ED), whose agents searched its Bengaluru offices last week to understand its user-onboarding processes and business model.

Singhal also went to Twitter to assure investors that the searches were “not about money laundering or PMLA.” In a series of tweets posted on August 27, the CEO explained that what happened was a process geared toward helping the Indian government to develop regulations that would bring clarity around crypto as an asset class. He said cryptocurrencies are still in early stages and “are not yet clearly classified in most parts of the world.”

“Now, the law (in India and elsewhere) is still assessing if crypto is a “commodity,” “security,” “currency,” or something new. This is a work in progress.”

CoinSwitch is valued at $1.9 billion making it the largest crypto-based company in India, boasting more than 18 million registered users. The firm is funded by Coinbase Ventures, Andreesen Horowitz, and Tiger Global.

Singhal also affirmed CoinSwitch’s searches by the government when he spoke to Reuters, confirming his company’s engagement with the Indian ED unit in its Bengaluru tech hub on functionings of the crypto app.

“Our engagement with the Enforcement Directorate – Bengaluru was NOT related to any money laundering inquiry under PMLA, as reported in some news articles,” Singhal said, saying the “Enforcement Directorate – Bengaluru has been engaged with us concerning the functioning of our crypto platforms/exchanges. We are fully cooperating with them.”

The searches are reportedly related to suspected violations of India’s foreign exchange laws. The government agents are seeking to understand the company’s foreign investments, income inflows, and outflows to check whether there was a breach and seized some documents (Reuters).

Singhal declined to discuss the allegations made by the agency, citing legal sensitivities surrounding the matter.
The Enforcement Directorate has yet to respond to a request for comment (Reuters).

India’s Tightening Crypto Regulations

The investigations into the crypto trading platform came at a time when governments worldwide were looking to tighten regulations in the cryptocurrency sector. For example, the Monetary Authority of Singapore (MAS) is tightening rules on cryptocurrency trading by retail investors. The agency cited research that revealed that consumers were increasingly trading in digital assets despite warnings and measures issued by the regulator. They seem “irrationally oblivious” about investing and trading in crypto risks.

Due to this, MAS is considering restricting retail access to cryptocurrencies shortly. Among the new guidelines would be more robust user-onboarding and customer suitability tests and “restricting the use of leverage and credit facilities for crypto trading.”

Iran’s government has put in place new regulatory guidelines for cryptocurrency trading. The regulations specify “all issues related to cryptocurrencies, including how to provide fuel and energy for mining them, and how to grant licenses,” said Trade Minister Seyed Fatemi Amin in an announcement on August 29.

Apart from CoinSwitch Kuber, India’s ED is also investigating WazirX, another top crypto exchange in the country. WazirX assets amounting to $8 million were frozen by the agency in early August, citing possible co-conspiring with instant loan app companies to launder money for criminal groups by converting them into cryptocurrencies on the exchange.

WazirX has denied the allegations. However, the case has already had ripple effects, with Binance, the largest crypto exchange in the world, backing out of its plans to acquire WazirX. The Maharashtra-based crypto trading platform alleged that Binance had completed the acquisition process, while Binance denied the claims.

The Indian government has confirmed that it investigated several shadow banks and their fintech companies for money-laundering allegations. ED is looking into them for possible violations of central bank regulations and exploitative lending practices.

Tags: BlockchaincryptoWeb3
TweetShareShare
Previous Post

Overview of Startup Companies Using NFTs for Real Estate

Next Post

Tether Continues to Keep Tornado Cash Addresses Open Against Recent U.S. Sanctions on Tornado Cash

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.