Indian authorities searched five sites of cryptocurrency exchange CoinSwitch.
Five facilities affiliated with CoinSwitch Kuber were searched by Indian authorities.
Indian Authorities Seek CoinSwitch Kuber
ED is currently searching the premises of cryptocurrency exchange CoinSwitch Kuber, according to an official from the Enforcement Directorate (ED) of India.
The official stated that five facilities affiliated with the cryptocurrency exchange were searched in connection with India’s Foreign Exchange Management Act (FEMA).
“We are investigating multiple potential violations with FEMA and other organizations affiliated with it. Since we could not see the cooperation we wanted, we searched the residences of the CEO and executives of the exchange and the buildings of the exchange.”
However, ED is also conducting a money laundering investigation against Zanmai Labs, the India-based organization that operates the cryptocurrency exchange WazirX. During this investigation, the house of one of the WazirX executives was searched.
A spokesperson for CoinSwitch Kuber stated that he would not comment on the matter.
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