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Wednesday, May 14, 2025

Crypto Moves — Bitcoin, Ether down; India's CoinSwitch says cooperating with financial crime agency probe - Arab News

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, falling by 1.13 percent to $19,975 as of 1:32 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $1,483 down by 1.55 percent, according to data from CoinDesk.
India’s CoinSwitch cooperating with financial crime agency probe: CEO
India’s top crypto app CoinSwitch is cooperating with the national financial-crime agency, whose agents searched its offices last week to find out about its business model and user-onboarding processes, its CEO told Reuters on Saturday.
CoinSwitch, valued at $1.9 billion, says it is the largest crypto company in India, with more than 18 million registered users. The firm is backed by Andreessen Horowitz, Tiger Global and Coinbase Ventures.
Ashish Singhal, speaking for the first time publicly about the search conducted on Aug. 25, said his company was engaging with the Indian Enforcement Directorate’s unit in the tech hub Bengaluru on functioning of...



Read Full Story: https://www.arabnews.com/node/2151806/business-economy

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