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      CoinSwitch Kuber Under ED’s Lens on Suspicion of Violating Forex Laws

      India’s Enforcement Directorate (ED) raid five properties associate with CoinSwitch Kuber on 25th August 2022, as it open an investigation on the crypto exchange for allegedly violating forex laws.

      CoinSwitch Kuber, founded in 2017, is being probe to check if it acquire shares worth more than $250 million (approx. Rs. 1,997 crore) in contravention of forex laws.

      India’s financial watchdog, the ED, is also investigating CoinSwitch for not keeping certain know-your-customer (KYC) requirements in compliance with India’s laws.

      CoinSwitch share a rather generic statement on this development, that vouched coordination with the government agencies.

      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 a lot of potential and we continuously engage with all stakeholders,”.

      As ED has not share elaborate details on its findings from searching CoinSwitch-relate premises.

      According to a report by CoinTelegraph, the offices and residences of senior CoinSwitch executives were also not spare from being search by the ED officials.

      Indian crypto exchanges have going through a rough spell in recent times.

      In July 2022, CoinSwitch Kuber, with CoinDCX and WazirX were serve notices by the ED over alleged money laundering practices.

      In August 2022, the ED also open a probe on WazirX crypto exchange over alleged predatory lending practices.

      As per the investigating authorities, a bunch of Chinese firms in the loan lending business, that were ban from operating in India, were using WazirX to wire their funds internationally via cryptocurrencies.

      After these back-to-back confrontations between law enforcement agencies and Indian crypto firms, finance minister Nirmala Sitharaman has sound an alert.

      ALSO READ  Parliamentary Panel Suggests Setting Up Framework to Deal With Cyber Crimes | Details Inside

      This month, Nirmala Sitharaman warn members of the Indian crypto community to practice caution with their investments and safeguard themselves from financial risks.

      India has over 115 million crypto investors, making for 15% of its massive population, a report by KuCoin crypto exchange recently said.

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