Coindesk Logo

Crypto Exchange CoinSwitch Kuber Searched by Indian Authorities: Source

Crypto Exchange CoinSwitch Kuber Searched by Indian Authorities: Source

Crypto Exchange CoinSwitch Kuber Searched by Indian Authorities: Source

Five premises tied to CoinSwitch Kuber are reportedly being searched.

Five premises tied to CoinSwitch Kuber are reportedly being searched.

Five premises tied to CoinSwitch Kuber are reportedly being searched.

AccessTimeIconAug 25, 2022, 2:19 PM
Updated May 11, 2023, 5:35 PM
CoinSwitch Kuber COO and co-founder Vimal Sagar (left), co-founder and CTO Govind Soni and co-founder and CEO Ashish Singhal. (CoinSwitch Kuber)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

India's Enforcement Directorate (ED) is currently searching the premises of Indian crypto exchange CoinSwitch Kuber, an official at the Bangalore cell of the ED said Thursday.

The official told CoinDesk that five premises tied to the exchange are being searched in connection to India's Foreign Exchange Management Act (FEMA).

"We are looking into multiple possible contraventions under FEMA and other entities that are connected to it," the official said. "Since we did not receive the desired cooperation we have conducted searches on (residences) of directors, the CEO and the official premises" of the exchange.

The ED is also conducting a separate money laundering investigation into Zanmai Labs, the Indian entity operating crypto exchange WazirX. That investigation also saw the ED raid one of WazirX's directors.

A CoinSwitch Kuber spokesperson said "no comment" when asked about the raid.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh is a CoinDesk reporter.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.