Home Business CoinSwitch Kuber CEO Responds to Office Raid Rumors

CoinSwitch Kuber CEO Responds to Office Raid Rumors

CoinSwitch Kuber CEO Responds to Office Raid Rumors

CoinSwitch CEO Ashish Singhal took to Twitter on August 27, 2022 to assure the public that his recent engagement with Enforcement Management has nothing to do with money laundering.

Singhal claims that the company has openly discussed its business model and compliance measures and is “fully cooperating” with the Enforcement Directorate – Bengaluru. The company’s engagement with the watchdog was unrelated to money laundering, Singhal pointed out in the Twitter thread.

Singhal’s response came after officials from India’s Law Enforcement Directorate raided five of CoinSwitch’s premises as part of a wider investigation into possible violations of the Exchange Management Act. by Indian stock exchanges.

An anonymous source said Reuters that agents hired CoinSwitch for alleged exchange violations, confirming a precedent report by being[In]Crypto. Although Singhal declined to comment on the nature of CoinSwitch’s engagement with law enforcement, citing privacy concerns, he stressed that India needs a clearer regulatory approach to cryptocurrency. for companies to understand their legal obligations.

Singhal pointed out that India is not alone in its attempt to categorize crypto into a specific asset class. The United States and Australia are grappling with the issue. In the United States, the Securities and Exchange Commission is adamant that cryptocurrencies are securities and is currently investigating Coinbase for listing unregistered securities. In Australia, a recently announced “token mapping” exercise will help regulators review existing licensing frameworks, organizational structures and asset custodian requirements to better regulate the crypto space.

Singhal believes crypto can revolutionize the internet and reiterates the company’s commitment to “doing good” by users. CoinSwitch is backed by venture capital powerhouse Andreessen Horowitz, Tiger Global, and Coinbase Ventures.

ED on the warpath

The Enforcement Department had launched various investigations into crypto companies since June 2021, date on which summoned WazirX executives will provide explanations of transactions with Chinese counterparties totaling over $350 million. About a month later he summoned top crypto executives to check whether their companies have violated exchange rules.

After that, the ED frozen bank assets of a director of WazirX operator Zanmai Lab Private, seizing over $8 million. Soon, the assets of Vauld, another crypto exchange, were frozen as the ED investigated the exchange for allegedly allowing 16 predatory fintech companies to deposit funds into wallets controlled by Yellow Tune Technologies.

To be[In]The Last of Crypto Bitcoin (BTC) analysis, Click here.


All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.


Please enter your comment!
Please enter your name here