top of page

ED raided the CoinSwitch Kuber for allegedly violating the Foreign Exchange Management Act

The Enforcement Directorate (ED) raided the CoinSwitch Kuber headquarters for allegedly violating the Foreign Exchange Management Act. The agency had previously taken action against WazirX and Flipvolt, the Indian arm of troubled Singaporean crypto exchange Vauld.

According to them, the searches were part of the ED's money-laundering investigation into the instant micro loan app scam. Three strikes: This is the third transaction under investigation by the ED for allegedly diverting the proceeds of crime from about 365 instant loan apps that charged exorbitant rates and used illegal means to recover the money. CoinSwitch has over 18 million registered users and is backed by Andreessen Horowitz and Sequoia Capital India. According to its website, over Rs 1 lakh crore in cryptocurrency has been traded on its platform.

6 views0 comments
bottom of page