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Ed Summons Coindcx, Wazirx and Coinswitch Kuber, Looking for Client Transaction Details

Crypto exchanges including CoinDCX, WazirX, and Coinswitch Kuber were notified by the Enforcement Directorate (ED) in cases of money laundering and exchange violations earlier in the week, according to people with knowledge the subject.

“The exchanges have been called regularly over the past two years. We are asked for customer data, transaction details and we are usually called to the office to explain the data later,” said a senior executive from a exchange.

Besides ED and FEMA, the leaders of these exchanges say that several other agencies are also investigating various details.

“CoinDCX, as a company, is committed to abiding by the law of the land and will cooperate at all times with regulators. According to our understanding, the ED has sent notices to major exchanges in India requesting information and data on the operation of the platforms. As required, we have shared all necessary information to the satisfaction of the department and no further action is pending on our side,” a CoinDCX spokesperson said.

Coinswitch Kuber in a statement to Money controlsaid, “We receive requests from various government agencies. Our approach has always been one of transparency. Crypto is an early-stage industry with great potential and we are continuously engaging with all stakeholders.”

“The case is pending in the High Court of Karnataka, where the company and its director have filed a petition for an order and the court has issued an interim order. We have complied with the order. The case is pending” , said a spokesperson for WazirX.

This comes at a time when the crypto industry is grappling with declining volumes, taxes, and newly implemented TDS. The purpose of collecting TDS on crypto transfers is to capture the details of all transactions related to virtual digital assets.

Cryptos are now taxed the same as gains from speculative activities such as gambling and lotteries, putting digital assets in the highest tax bracket.


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