Bloomberg reported searches in the offices of the bitcoin exchange CoinSwitch

Bloomberg reported searches in the offices of the bitcoin exchange CoinSwitch

Bloomberg reported raids on offices of bitcoin exchange CoinSwitch

The Enforcement Authority of India (ED) conducted searches of five premises of a16z-backed crypto exchange CoinSwitch Kuber as part of an investigation into violations of currency rules. This was reported by Bloomberg.

The agency conducted investigations in the offices and homes of the CEO and directors of the company.

According to the source, ED suspects the exchange of acquiring shares worth more than 20 billion rupees ($250 million) in violation of forex laws.

The agency also recognized the platform as non-compliant with certain norms of KYC rules.

«We receive requests from various government agencies. Our approach to this has always been transparent. The crypto industry is an industry with great potential at an early stage of development, and we are constantly interacting with all interested parties,” CoinSwitch commented.

The Bengaluru-based platform was invested by Paradigm, Sequoia and Tiger Global. In October 2021, following a $260M funding round led by Coinbase Ventures and a16z, CoinSwitch achieved «unicorn» status.

In early August, it became known that ED accused of currency violations regulations and money laundering in the amount of $ 350 million, another major crypto exchange of the country – WazirX.

Recall that in March, CoinSwitch, among other Indian digital asset exchanges, faced allegations of tax evasion.

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