Indian law enforcement agency raids CoinSwitch Kuber

The offices of CoinSwitch Kuber a top Indian exchange were searched on Thursday by the Enforcement Directorate of India, the cryptocurrency exchange came under examination after India’s government pressure on the industry escalated.
Indian law enforcement agency raids CoinSwitch Kuber
Indian law enforcement agency raids CoinSwitch Kuber

The report also stated that aside CoinSwitch Kuber, up to five of the crypto exchange’s sites were the subject of the raids. The report stated that the Enforcement Directorate is investigating numerous potential FEMA violations and cited an officer from the Bangalore branch of the agency.

“We are looking into multiple possible contraventions under FEMA and other entities that are connected to it. 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.”

India keeps examining crypto

The bureau appears to be conducting a number of investigations against different domestic enterprises, including CoinSwitch Kuber. It will be interesting to observe if future regulatory inspection of the industry is made easier as a result of these searches.

Recent cryptocurrency business failures, like that of the Terra network, sped up legislative changes on how cryptocurrency transactions are conducted.

Another Indian cryptocurrency exchange, WazirX, was observed by the Enforcement Directorate earlier this month. The director of the exchange’s offices was searched by agency representatives on August 5.

Almost $8.13 million worth of the company’s bank assets were frozen as a result of the raid. Authorities claimed that WazirX helped fast loan app providers launder money. According to the CIA at the time, the money was being transferred through virtual crypto assets.

On the plus side, the India Blockchain Forum had just been introduced by influential people in the nation. The Telangana government in India organized the meeting with the help of about 40 significant figures. The forum’s goal is to establish India as a center for the global web 3.0 industry.