{"id":66316,"date":"2022-08-26T10:23:07","date_gmt":"2022-08-26T07:23:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66316"},"modified":"2025-09-07T00:41:33","modified_gmt":"2025-09-06T21:41:33","slug":"bloomberg-reports-raids-on-coinswitch-offices-as-indias-ed-probes-forex-violations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-reports-raids-on-coinswitch-offices-as-indias-ed-probes-forex-violations\/","title":{"rendered":"Bloomberg reports raids on CoinSwitch offices as India&#8217;s ED probes forex violations"},"content":{"rendered":"<p>The Enforcement Directorate (ED) of India conducted searches at five premises of the a16z-backed cryptocurrency exchange CoinSwitch Kuber as part of an investigation into forex-rule violations, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-25\/india-agency-searches-a16z-backed-crypto-for-forex-violations\">Bloomberg<\/a>.<\/p>\n<p>The agency conducted searches at the offices and homes of the company\u2019s CEO and directors.<\/p>\n<p>According to a source, the ED suspects the exchange of purchasing shares worth more than 20 billion rupees ($250 million) in violation of forex laws.<\/p>\n<p>The agency also found the platform non-compliant with certain <span data-descr=\"know-your-customer, know your customer\" class=\"old_tooltip\">KYC<\/span> rules.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe receive requests from various government agencies. Our approach to this has always been transparent. The crypto industry is a sector with great potential at an early stage of development, and we are in constant dialogue with all stakeholders,\u201d CoinSwitch said.<\/p>\n<\/blockquote>\n<p>The Bengaluru-based platform was invested in by <a href=\"https:\/\/forklog.com\/en\/news\/coinswitch-kuber-raises-15-million-in-series-a-led-by-ribbit-capital-and-paradigm\">Paradigm<\/a>, Sequoia and <a href=\"https:\/\/forklog.com\/en\/news\/indias-cryptocurrency-exchange-coinswitch-kuber-has-attracted-25-million-from-tiger-global-management\">Tiger Global<\/a>. In October 2021, after a $260 million funding round led by Coinbase Ventures and a16z, CoinSwitch reached unicorn status.<\/p>\n<p>In early August it emerged that the ED accused another major Indian crypto exchange\u2014WazirX\u2014of forex violations and money laundering amounting to $350 million, as reported in <a href=\"https:\/\/forklog.news\/prinadlezhashhuyu-binance-indijskuyu-birzhu-wazirx-zapodozrili-v-otmyvanii-350-mln\/\">ForkLog<\/a>.<\/p>\n<p>Earlier in March, CoinSwitch, along with other Indian digital-asset exchanges, faced <a href=\"https:\/\/forklog.com\/en\/news\/indian-authorities-uncover-tax-evasion-by-11-crypto-exchanges-totaling-12-6m\">tax-evasion allegations<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Enforcement Directorate (ED) of India conducted searches at five premises of the a16z-backed cryptocurrency exchange CoinSwitch Kuber as part of an investigation into forex-rule violations, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":66317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,278,1472],"class_list":["post-66316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-india","tag-search"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66316"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66316\/revisions"}],"predecessor-version":[{"id":66318,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66316\/revisions\/66318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66317"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}