The ED carried out raids at the homes of directors as well as the chief executive officer at Coinswitch Kuber and its official premises.
CoinSwitch Kuber co-founder and CEO Ashish Singhal has confirmed on Twitter that the company cooperates in India’s Enforcement Directorate (ED) after the ED conducted raids against headquarters of the cryptocurrency exchange as well as the director’s residences and the CEO’s residence. While initial reports suggested that the raids had been conducted in violations of Foreign Exchange Management Act (FEMA) rules, Singhal says that the ED is working in a dialogue with CoinSwitch Kuber to understand the workings of the crypto exchange.
Enforcement Directorate – Bengaluru has been engaged with us with respect to [the] functioning of our crypto platforms exchanges, Singhal wrote. We are fully cooperating with them.
Singhal did not discuss the details of the enforcement directorate’s actions however, he did highlight the ambiguous nature of regulation for crypto in India.
In an newspaper report from Saturday, Reuters said that an individual who was aware of the procedure that financial records were confiscated during office visits.
CoinSwitch is committed to building a responsible crypto ecosystem that contributes to the Indian Economy, and creates wealth and employment for millions of Indians, Singhal wrote in the Twitter thread.
CoinSwitch received a $260 million (roughly 2,076 crore). 2,076 crore) Series C funding round in October of last year and is supported by major venture capitalists, including Andreessen Horowitz (a16z) and Tiger Global, among others.