Indian Authorities Investigate Crypto Exchange CoinSwitch Kuber

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Last Updated on August 26, 2022 by Bitfinsider

The Enforcement Directorate (ED) of India is currently searching the premises of Indian crypto exchange CoinSwitch Kuber, according to an official at the ED’s Bangalore cell on Thursday.
According to the official, five locations associated with the exchange are being searched in connection with India’s Foreign Exchange Management Act (FEMA).
“We are investigating multiple possible violations under FEMA and other entities associated with it,” the official said. “Since we did not receive the desired cooperation, we conducted searches on the exchange’s (residences) of directors, the CEO, and the official premises.”

In addition, the ED is conducting a separate money laundering investigation into Zanmai Labs, the Indian entity that operates the cryptocurrency exchange WazirX. During that investigation, the ED also raided one of WazirX’s directors.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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