Live
- Stage set for counting of votes for Jharkhand Assembly elections
- MLA Sri Ganesh Engages ASHA Workers and Resource Persons in Caste Census Meeting
- Supreme Court verdict on validity of Preamble modification in 1976 likely on November 25
- ‘Zebra’ movie review: A gripping tale of banking fraud and redemption
- Saurabh Netravalkar, Unmukt Chand, Dwayne Smith and Rahkeem Cornwall headline USPL
- NPP asks members not to attend meeting called by Biren govt
- Bulls roar on Dalal Street, Sensex and Nifty up over 2 pc
- Over 880,000 people displaced in Lebanon, food security deteriorates: UN
- BGT 2024-25: Bumrah picks 4-17 as Australia trail India by 83 runs in 17-wicket day
- Calcutta High Court stays order on demolition of hotels in Bengal’s Mandarmani
ED notices to CoinSwitch, CoinDCX; seeks info under FEMA
Enforcement Directorate
A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA).
New Delhi: A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA).
The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not.
According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange.
Earlier, Sumit Gupta the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements.
People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements.
ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned.
CoinDCX said in a statement that as per their understanding, "the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end".
CoinSwitch also confirmed that they were sent notices by the ED and they were willing to comply.
"We receive queries from various government agencies. Our approach has always been one of transparency. Crypto is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson said.
