India’s anti-money laundering agency conducted searches on Thursday at five premises of a16z-backed crypto exchange CoinSwitch Kuber, alleging violations of forex laws, a person with knowledge of the matter said.
The Enforcement Directorate searched office facilities and residences of directors and the CEO. The exchange is under suspicion of acquiring shares of over 20 billion rupees ($250 million) in contravention of forex laws, the person said, asking not to be named as the matter isn’t public. The exchange was also found non-compliant with certain know-your-customer norms, the person said.
“We receive queries from various government agencies,” a spokesperson for CoinSwitch said. “Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders.”
An Enforcement Directorate spokesperson did not respond to calls for comment.
The Bengaluru-based exchange, which is backed by Tiger Global,...
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