India's Enforcement Directorate (ED) searched five premises linked to popular cryptocurrency trading platform Coinswitch Kuber. The company says it's not related to money laundering. crypto
Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It's Not Related to Money Laundering
The cryptocurrency trading platform is backed by a number of global venture capitalists, including Andreessen Horowitz , Tiger Global, Coinbase Ventures, and Sequoia Capital. Coinswitch claims to be India’s largest crypto app, with over 18 million registered users. The platform, which is one of India’s largest cryptocurrency exchanges, achieved unicorn status last year.the situation Saturday.
According to Bloomberg, the ED searched office facilities and residences of directors and the CEO of the Bengaluru-based crypto exchange. Citing a person with knowledge of the matter, the publicationwithout providing specifics that the trading platform is under suspicion of acquiring shares worth over 20 billion rupees in violation of the country’s forex laws.
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