The Enforcement Directorate (ED), continuing its crackdown on cryptocurrency firms, has sent notices to crypto exchange companies CoinSwitch and CouinDCX as they came under the central agency’s radar. As per News18 sources, summons have been sent to officials of both the crypto firms. This comes a year after the the investigative department pulled up ZebPay for violating foreign exchange law.
The case against CoinSwitch and CoinDCX has been registered by the ED under the violation of the Foreign Exchange Management Act (FEMA), the abovementioned sources told News18. The investigative agency is trying to ascertain if these companies are violating FEMA laws and if they are involved in foreign exchange violations.
After initial investigations, summons for questioning were sent to both the crypto exchange firms by ED officials. The sources further added that the central agency asked several questions to both the companies. In addition, several documents have been sought from these two...
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