{"id":6719,"date":"2022-08-27T16:43:16","date_gmt":"2022-08-27T16:43:16","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=6719"},"modified":"2022-08-27T16:43:17","modified_gmt":"2022-08-27T16:43:17","slug":"indian-authorities-search-crypto-exchange-coinswitch-kuber-ceo-says-its-not-related-to-money-laundering","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6719","title":{"rendered":"Indian Authorities Search Crypto Exchange Coinswitch Kuber \u2014 CEO Says It&#8217;s Not Related to Money Laundering"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>India\u2019s Enforcement Directorate (ED) has conducted searches at five premises linked to popular cryptocurrency trading platform Coinswitch Kuber. The company says its engagement with the ED was not related to any money laundering inquiry. The federal agency recently froze the assets of two other crypto firms, Wazirx and Vauld.<\/strong><\/p>\n<h2>Coinswitch Kuber Next on ED\u2019s List<\/h2>\n<p>The Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, carried out searches at five locations linked to popular crypto trading platform Coinswitch Kuber Thursday.<\/p>\n<p>The cryptocurrency trading platform is backed by a number of global venture capitalists, including Andreessen Horowitz (A16z), Tiger Global, Coinbase Ventures, and Sequoia Capital. Coinswitch claims to be India\u2019s largest crypto app, with over 18 million registered users. The platform, which is one of India\u2019s largest cryptocurrency exchanges, achieved unicorn status last year.<\/p>\n<p>Coinswitch Kuber CEO Ashish Singhal took to Twitter to explain the situation Saturday. He stressed that his company\u2019s engagement with the ED Bangalore is \u201cnot about money laundering or PMLA [Prevention of Money Laundering Act].\u201d He clarified: \u201cEnforcement Directorate \u2013 Bengaluru has been engaged with us with respect to functioning of our crypto platforms \/ exchanges. We are fully cooperating with them.\u201d<\/p>\n<\/p>\n<p>\u201cAs an industry leader in India and one of the most compliant crypto platforms, we have been engaged in constructive dialogues with various stakeholders to help them understand our business models, best compliance practices, thereby bringing more clarity on such matters,\u201d the CEO tweeted.<\/p>\n<p>According to Bloomberg, the ED searched office facilities and residences of directors and the CEO of the Bengaluru-based crypto exchange. Citing a person with knowledge of the matter, the publication added without providing specifics that the trading platform is under suspicion of acquiring shares worth over 20 billion rupees ($250 million) in violation of the country\u2019s forex laws.<\/p>\n<p>The Economic Times (ET) reported that the searches were related to money laundering. \u201cThe agency has found them to be in violation of section 11 (A) of the PMLA Act, which requires every reporting entity to verify the identity of its clients and the beneficial owner,\u201d the publication described, citing a source privy to the investigation. The person added: \u201cThe probe has found their (KYC) to be either bogus or dubious in more than 80% of the cases.\u201d<\/p>\n<p>The news outlet recently reported that the ED is probing at least 10 cryptocurrency exchanges for allegedly laundering more than 1,000 crore rupees identified as proceeds of crime raised by 365 instant loan apps.<\/p>\n<p>Earlier this month, the ED conducted searches on one of the directors of Zanmai Labs, which owns cryptocurrency exchange Wazirx. The authority subsequently issued an order freezing more than $8 million in bank assets of the crypto exchange. A week later, the ED froze crypto and bank assets of Peter Thiel-backed crypto trading and lending platform Vauld totaling more than $46 million.<\/p>\n<p><em><strong>What do you think about the ED searching five premises of Coinswitch Kuber? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/indian-authorities-search-crypto-exchange-coinswitch-kuber-ceo-says-its-not-related-to-money-laundering\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Enforcement Directorate (ED) has conducted searches at five premises linked to popular cryptocurrency trading platform Coinswitch Kuber. The company says its engagement with the ED was not related to any money laundering inquiry. The federal agency recently froze the assets of two other crypto firms, Wazirx and Vauld. Coinswitch Kuber Next on ED\u2019s List [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6719"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6719\/revisions"}],"predecessor-version":[{"id":6721,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6719\/revisions\/6721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6720"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}