CoinSwitch‘of CEOHe said in a statement to CoinSwitch that it is collaborating with the national financial crime agency to learn about its business model and user acceptance processes.
The CEO says CoinSwitch, worth $1.9 billion, is the largest crypto company in India with over 18 million registered users.
CoinSwitch Collaborates with the Executive Directorate of India
CEO who spoke publicly for the first time about the recent call Ashish Singhalon the functioning of his company’s crypto platform India Executive Directorate‘s technology center BengaluruHe said he was in contact with his unit in .
singhalIn a statement on the subject, he said:
“Most of his interactions with us have been about knowing what CoinSwitch does. These investigations included details about the operations of crypto exchanges, how they involve their users in their systems, and getting to know the customer.”
One person with direct knowledge of the matter said the case concerned suspected violations of India’s foreign exchange laws. The source added that agents inquired about foreign investments, entries and exits, as well as confiscated financial documents to check compliance.
CoinSwitch The investigation was made amid tightening regulatory scrutiny of the crypto industry in India. The financial crimes agency launched a cryptocurrency exchange this month. WazirX‘s assets to investigate whether it had a role in helping instant loan application companies launder their dubious proceeds by converting them into cryptocurrencies on its platform.
