CoinzPress
  • Credit Cards
    • Best Credit Cards 2023
    • Best Rewards Credit Cards
    • Best Cash Back Credit Cards
  • Banking
    How to Save Discord Servers from Hackers

    Ways You Can Save Your Discord Servers from Hackers

    Ethereum Mining Rig

    Ethereum Mining Rig: The Best Ethereum Mining Hardware

    Google in Web3 and Blockchain Technology

    Google is Taking An Interest in Web3 and Blockchain Technology

    Binance

    Binance to Launch Santos FC Fan Token on Its Launchpool

    New Solutions for Cross-Chain Problems

    New Solutions for Cross-Chain Problems

    Blockchain Gaming

    Will The Blockchain Gaming Revolutionise The Future of Video Games?

    Trending Tags

    • Loans
      Best Way To Finance A Car: Things To Know

      Best Way To Finance A Car: Things To Know

      Tesla sell their bitcoin

      Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

      Bitcoin-Faucets

      Highest Paying Bitcoin Faucets: How to Choose the Right One?

      lightning-network

      Lightning Network: Everything You Need To Know

      What Can You Buy with Bitcoins

      What Can You Buy with Bitcoins?

      Nasdaq’s Record Breaking

      Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

      Trending Tags

      • Investing
      • Insurance
      • Stock Market
        • US Markets
        • ASX shares
        • Indian Markets
      • Cryptocurrency
        • Price Prediction
        • DeFi
        • NFT
        • Metaverse
        • Trading
        • Crypto Exchanges
        • Crypto Wallet
        • Brokers
        • Gaming
        • Earning Sites
      • Sections
        • Reviews
        • Beginner Guide
        • How To
      No Result
      View All Result
      • Credit Cards
        • Best Credit Cards 2023
        • Best Rewards Credit Cards
        • Best Cash Back Credit Cards
      • Banking
        How to Save Discord Servers from Hackers

        Ways You Can Save Your Discord Servers from Hackers

        Ethereum Mining Rig

        Ethereum Mining Rig: The Best Ethereum Mining Hardware

        Google in Web3 and Blockchain Technology

        Google is Taking An Interest in Web3 and Blockchain Technology

        Binance

        Binance to Launch Santos FC Fan Token on Its Launchpool

        New Solutions for Cross-Chain Problems

        New Solutions for Cross-Chain Problems

        Blockchain Gaming

        Will The Blockchain Gaming Revolutionise The Future of Video Games?

        Trending Tags

        • Loans
          Best Way To Finance A Car: Things To Know

          Best Way To Finance A Car: Things To Know

          Tesla sell their bitcoin

          Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

          Bitcoin-Faucets

          Highest Paying Bitcoin Faucets: How to Choose the Right One?

          lightning-network

          Lightning Network: Everything You Need To Know

          What Can You Buy with Bitcoins

          What Can You Buy with Bitcoins?

          Nasdaq’s Record Breaking

          Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

          Trending Tags

          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To
          No Result
          View All Result
          CoinzPress
          No Result
          View All Result
          Home Updates

          Crypto Exchanges In India Face Legal Problems

          Bidisha Dey by Bidisha Dey
          August 29, 2022
          in Updates
          Crypto Exchanges

          Credit: Coinchapter

          Recently, certain crypto exchanges have faced legal raids. This is mostly because scams and phishing activities have increased rapidly in the crypto market. In fact, some crypto exchanges have also been found guilty of misleading users. Many nations across the globe have taken strict measures to deal with those exchanges that do not abide by the set rules. In India too, the legal authorities are dealing with the exchanges in a strict manner. 

          Recently, the agents of India’s Enforcement Directorate raided CoinSwitch Kuber. In fact, this is one of India’s biggest crypto exchanges. The authorities raided the exchange in relation to a money laundering probe to monitor 365 instant loan apps. The official report states that the agents of India’s Enforcement Directorate searched five offices of the exchange, forcibly. The report also states that there is also a possibility of multiple violations against FEMA, which might have occasioned the raid.

          In fact, the Foreign Exchange Management Act regulates all incoming and outgoing transactions from India. However, CoinSwitch Kuber is not the only exchange to be raided by the Indian authorities. Earlier this month, WazirX was also raided. Therefore, it might also be a part of the Directorate’s investigations of several crypto exchanges. If you wish to know more about the incident, then this article is the perfect stop for you. Keep reading the article to know more about the raid.

          India’s Top Exchange Raided

          According to reports, the agents of India’s Enforcement Directorate raided five offices of CoinSwitch Kuber. They even froze all their assets amounting to around  $8.13 million. There are also charges of money laundering against the exchange. The investigating authority found evidence of their connection to anomalous instant loan apps. In fact, this evidence was enough 

          For the directorate. 

          In addition, the investigating authorities also various other details of CoinSwitch Kuber, including the P2P transactions between accounts. The investigation also brought to the fore, very loose KTC protocols. The Economic Times reports that the investigation found that in around 80% of cases, the KYC protocols are “bogus or dubious”. 

          India’s Top Exchange Raided
          credit: the Indian express

          Cause Of Investigation

          The directorate started the investigations including the crypto exchanges in India, after investigating the policies of the 365 instant loan apps. There are allegations that these apps charge high-interest rates at times. The connection between these apps and the crypto exchanges are in the fact that whenever these apps sense danger, they use these exchange to send money out of the country. 

          These loan apps buy crypto from these exchanges and transfer the crypto to other accounts. In this way, they move the money. In fact, in most cases, mainland China is the location of all these accounts.

          Concluding Lines 

          The ED is conducting investigations of 10 major crypto exchanges. Therefore, it seems that the future of cryptocurrencies is endangered in India. However, even in such a scenario, there is a strong user base for cryptocurrency in India. But if such raids on crypto exchanges keep increasing, then the future of crypto in India remains dim.

          Also read: Bitcoin Witnesses Strikingly Low Transaction Rate Recently

          Share76Tweet47

          Related Posts

          How to Make Money From Youtube? 

          How to Make Money From Youtube? 

          November 10, 2022
          How Much Money Should You Spend On A Wedding Ring?

          How Much Money Should You Spend On A Wedding Ring?

          November 10, 2022
          Capital One Shopping Review: Everything You Need To Know

          Capital One Shopping Review: Everything You Need To Know

          November 10, 2022
          How To Make Money Fast As A Teenager

          How To Make Money Fast As A Teenager

          November 10, 2022
          Best Way To Finance A Car: Things To Know

          Best Way To Finance A Car: Things To Know

          November 10, 2022
          Passive Income Ideas: Best Ways To Make Money Online

          Passive Income Ideas: Best Ways To Make Money Online

          November 8, 2022
          ADVERTISEMENT

          CoinzPress is one of the leading cryptocurrency news services that cover the latest crypto-related news. The news includes a technical analysis of a wide range of digital currencies as well as forecasts for those electronic currencies. Here at CoinzPress , we aim to enlighten anyone having an interest in the world of cryptocurrency with significant information that could keep them informed.

          So, in short, we cover a range of announcements related to a variety of Alt-coins, digital coins, and any significant news that could create an impact on the trading world and economy.

          • News & Updates
            • Cryptocurrency
            • DeFi
            • NFT
            • Metaverse
            • Press Releases
            • Sponsored
          • Sections
            • How To
            • Technology
            • Investing
            • Stock Market
            • Loans
            • Credit Cards
            • US Markets
            • Brokers
            • Gaming Sites
            • Indian Markets
          • Company
            • About Us
            • Advertising
            • Press Release
            • Contact Us
            • Terms of Uses
            • Privacy Policy
            • Sitemap
          • About
          • Contact Us

          © 2022 Coinz Press

          No Result
          View All Result
          • Credit Cards
            • Best Credit Cards 2023
            • Best Rewards Credit Cards
            • Best Cash Back Credit Cards
          • Banking
          • Loans
          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To

          © 2022 Coinz Press