According to a statement from the Indian Police Department (ED), authorities cryptocurrency exchange CoinSwitch searched Kuber’s premises.
In his statement, the official said that five exchange-linked facilities were sought in connection with India’s Foreign Exchange Management Act (FEMA).
Indian Security Forces Searched Facilities of Cryptocurrency Exchange CoinSwitch Kuber
In his statement on the subject, the official said:
“We are investigating multiple potential violations under FEMA and other organizations affiliated with it. Since we did not get the cooperation we wanted, we searched the official buildings (residences) of the executives, the CEO and the stock market.”
Indian authorities are also conducting a separate money laundering investigation against the Indian startup Zanmai Labs, which operates the crypto exchange WazirX. As part of this investigation, the authorities also raided one of WazirX’s executives.
A CoinSwitch Kuber spokesperson said “no comment” when asked about the raid.
India has been making a name for itself with the strict measures it has recently applied to cryptocurrencies and crypto exchanges in general. A tax of 30%, which is a very high rate, is levied on crypto assets in the country.
However, funds claimed to be particularly Chinese-related. bitcoin and many exchanges in the country are under intense surveillance due to accusations of being laundered by crypto exchanges.
WazirX, one of the largest stock exchanges in the country, which was recently audited by the authorities, also claimed that they were bought by Binance in a statement on Twitter, but this claim was denied by Binance CEO Changpeng Zhao.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!