The Enforcement Directorate (ED) has summoned CoinSwitch Kuber, CoinDCX and other crypto exchanges in case of money laundering and foreign exchange violations earlier in the week.
The agency is reportedly seeking details like transaction history under Foreign Exchange Management Act. The crypto exchanges have been asked for customer data and transaction details. Apart from ED and FEMA, multiple other agencies are also probing various details from various crypto firms.
A CoinDCX spokesperson said, “CoinDCX as a company stays committed to complying with the law of the land and will cooperate with regulators at all time. As per our understanding the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end.”
Commenting about the summon, Coinswitch Kuber said, “We receive queries from various 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.”
Similarly, a WazirX spokesperson said, “The matter is pending before the Karnataka High Court where the company and its director filed a writ petition and the court has passed an interim order. We have complied with the order. The matter is sub judice.”
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