A16z-backed CoinSwitch exchange raided for alleged violation of forex law
The Andreessen Horowitz-backed crypto exchange is latest on the Law Enforcement Branch's list of anti-money laundering results.
New
Major Indian crypto exchange CoinSwitch Kuber had five of its premises raided by anti-money laundering officers on Thursday for alleged violations of forex laws.
According to an Aug. 25 report from Bloomberg, India's Law Enforcement Branch searched the offices of CoinSwitch Kuber as well as the residences of its directors and CEO Ashish Singhal.
A source told the publication that the crypto exchange is suspected of acquiring stocks worth over $250 million in violation of forex laws, as well as failing to comply with certain know-your-customer (KYC) requirements.
The Enforcement Branch is a federal law enforcement and intelligence agency that reports to the Department of Finance. According to its website, the main purpose of the agency is the enforcement of laws such as the Foreign Exchange Management Act and the Prevention of Money Laundering Act.
CoinSwitch Kuber said in a statement: “We receive requests from various government agencies. Our approach has always been one of transparency.”
“Crypto is an early-stage industry with a lot of potential and we are continuously engaging with all stakeholders.”
Launched in India in 2020, CoinSwitch Kuber is one of the largest crypto exchanges in India alongside WazirX and CoinDCX, with over 18 million registered users.
CoinSwitch Kuber achieved "unicorn" status last year after raising $260 million in a Series C funding round led by venture capital arm Coinbase Ventures and Andreessen Horowitz. The company is also backed by Sequoia, Paradigm, Ribbit and Tiger Global.
The actions follow a continued crackdown on the cryptocurrency space in India.
Earlier this month, the Law Enforcement Branch froze approximately $8.1 million in funds from crypto exchange WazirX, alleging that the crypto exchange was facilitating...
The Andreessen Horowitz-backed crypto exchange is latest on the Law Enforcement Branch's list of anti-money laundering results.
New
Major Indian crypto exchange CoinSwitch Kuber had five of its premises raided by anti-money laundering officers on Thursday for alleged violations of forex laws.
According to an Aug. 25 report from Bloomberg, India's Law Enforcement Branch searched the offices of CoinSwitch Kuber as well as the residences of its directors and CEO Ashish Singhal.
A source told the publication that the crypto exchange is suspected of acquiring stocks worth over $250 million in violation of forex laws, as well as failing to comply with certain know-your-customer (KYC) requirements.
The Enforcement Branch is a federal law enforcement and intelligence agency that reports to the Department of Finance. According to its website, the main purpose of the agency is the enforcement of laws such as the Foreign Exchange Management Act and the Prevention of Money Laundering Act.
CoinSwitch Kuber said in a statement: “We receive requests from various government agencies. Our approach has always been one of transparency.”
“Crypto is an early-stage industry with a lot of potential and we are continuously engaging with all stakeholders.”
Launched in India in 2020, CoinSwitch Kuber is one of the largest crypto exchanges in India alongside WazirX and CoinDCX, with over 18 million registered users.
CoinSwitch Kuber achieved "unicorn" status last year after raising $260 million in a Series C funding round led by venture capital arm Coinbase Ventures and Andreessen Horowitz. The company is also backed by Sequoia, Paradigm, Ribbit and Tiger Global.
The actions follow a continued crackdown on the cryptocurrency space in India.
Earlier this month, the Law Enforcement Branch froze approximately $8.1 million in funds from crypto exchange WazirX, alleging that the crypto exchange was facilitating...
What's Your Reaction?
