On Thursday, India’s financial crime-fighting and anti-money laundering agency conducted searches at multiple premises of the Bengaluru-based CoinSwitch Kuber. The crypto exchange startup allegedly violated forex laws.
Reportedly, the Enforcement Directorate (ED) conducted searches in the office facilities and residences of key executives, including chief executive Ashish Singhal. ED believes that the Indian startup acquired shares (of over USD 200 million), which violated local forex laws.

However, CoinSwitch Kuber spokesperson said that the company received queries from various government agencies. Its approach has always been transparency. He further said that Crypto is an early-stage industry with much potential. It continuously engages with all stakeholders. The startup, valued at nearly USD 2 billion, is backed by California-based Andreessen Horowitz (16z) and Sequoia India.

The agency has performed over half a dozen probes into tech firms this year. Earlier this month, ED was in the news for freezing assets worth over USD 8 million from WazirX, citing a suspected violation of foreign exchange rule. It also attached USD 46 million from the local entity of Vauld for facilitating ‘crime-derived’ proceeds from predatory lending firms.