Probing any contravention of foreign exchange guidelines, crypto firms CoinDCX & CoinSwitch have been requested to share transaction data as part of routine operations
News of the Enforcement Directorate (ED) sending notices to leading Indian crypto exchanges to submit documents in relation to an ongoing investigation of the Foreign Exchange Management Act (FEMA) has unnerved crypto investors in the country.
A multi-disciplinary organization, the ED is mandated with enforcing acts such as FEMA, the Prevention of Money Laundering Act (PMLA), and the Fugitive Economic Offenders Act (FEOA), routinely investigating matters or businesses that fall within the ambit of these acts.
Notices have been served to leading crypto exchanges, CoinDCX and CoinSwitch, and certain executives at both firms to understand transactional information and data on how these platforms work.
Based on the statements issued by CoinDCX, all relevant information has been satisfactorily shared with the...
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