Report that CoinSwitch Kuber is under scrutiny for Money Laundering
Recently, we had reported that CoinSwitch Kuber was under probe by Enforcement Directorate in relation to money laundering. It was reported that ED was considering CoinSwitch Kuber to be one of the main participants that provided quick loan applications by providing loans with high interest rates.
As a process of the probe, it was also reported that 5 premises related to CoinSwitch Kuber were raided by ED. It was also reported that ED went behind at least 10 cryptocurrency exchanges and lending platforms over their alleged involvement in money laundering.
But, as the reports got stronger, the CEO of CoinSwitch Kuber came forward and told that the report that’s being circulated in the market is false. Let’s see what the CEO have to say.
CEO Ashish Singhal Clarifies about the inquiry done by ED
Credits: India Narrative
Singhal acknowledged that the ED – Bengaluru has been engaged with the company but not for the reasons mentioned in the report. He stated that the inquiry is not done in regards to money laundering under PLMA act, but was in respect to the operations and functions of cryptocurrency platforms. He also added that the company, including him are full cooperating with ED and have been transparent from the word go.
Singhal also pointed out that, in many countries, cryptocurrency is still in a nascent stage and not yet clearly classified. As is the case with India, he added. We are still conceptualizing crypto under various brackets such as commodity, currency and security. Hence, it can be concluded that its still work in progress.
ED on a spree of freezing accounts
In response to its “predatory lending practises,” ED recently frozen bank assets worth Rs 370 crore owned by cryptocurrency lending platform Vauld.
The ED searched Yellow Tune Technologies Pvt Ltd’s numerous Bengaluru locations and froze the assets of the Flipvolt cryptocurrency exchange, which operates the Darshan Bathija-led Vauld.
What do you think about the CEO’s comments? Do you think the justification that he gave is true? Share your thoughts in the comment section below. Also share this article with your friends and family in case you liked it and found it informative.
When was the last time you were done with your email or did something on your phone? Did you consider the routing protocols, server design, and packet algorithms?...
As soon as a person starts to think about exploring decentralized world, using blockchain applications, or making their first non-fungible token purchase, the mind most often recalls one...
In the fast-paced world of digital finance, executive social media accounts have become prime targets for cybercriminals. On Thursday, Robinhood Chief Executive Officer Vlad Tenev became the latest...
