ED slaps notices on top crypto sites
The Directorate of Enforcement (ED) has started its probe on some of the leading cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange (forex) violations, if any, by these firms.
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Forex Violation
- ED probing Crypto trading platform CoinDCX
- Questioning its founder Sumit Gupta at its Bengaluru office
- Executives at other crypto exchanges under probe
- CoinSwitch Kuber also in the list
- A year ago, ED asked India's largest cryptocurrency exchange by volume, WazirX, to explain Rs2,790.74-cr transactions
Mumbai: The Directorate of Enforcement (ED) has started its probe on some of the leading cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange (forex) violations, if any, by these firms.
ED has served notices to the cryptocurrency exchanges seeking further information under the Foreign Exchange Management Act (FEMA). Under FEMA, payments made to any person outside India or receipts from them, along with forex deals and foreign security are restricted. The objective of the Act is to facilitate external trade and payments and for promoting the orderly development and maintenance of the forex market in India-Multiple agencies, including the Income Tax department, are probing crypto firms. Crypto trading platform CoinDCX's founder Sumit Gupta joined the federal agency's probe at its Bengaluru office earlier this month. Executives at other crypto exchanges including crypto trading platform CoinSwitch Kuber were also summoned, and the probe agency sought information about certain transactions.
