The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules.

See related article: CoinDCX double downs as the going gets tough in India

Fast facts

  • The Enforcement Directorate has sought “further details and documents” from cryptocurrency firms as part of a probe into alleged instances of foreign exchange violations by these firms, India’s Economic Times reported on Wednesday, quoting unnamed sources.
  • In a livestream on Wednesday, CoinDCX Chief Executive Officer Sumit Gupta said the ED enquiries were “to understand how the business works.”
  • Multiple calls by Forkast seeking a comment from the Enforcement Directorate went unanswered.
  • “We receive queries from various government agencies,” a CoinSwitch spokesperson told Forkast in a text message. 

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