// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . '/rtl.css' ) ) $uri = get_template_directory_uri() . '/rtl.css'; return $uri; } endif; add_filter( 'locale_stylesheet_uri', 'chld_thm_cfg_locale_css' ); if ( !function_exists( 'chld_thm_cfg_parent_css' ) ): function chld_thm_cfg_parent_css() { wp_enqueue_style( 'chld_thm_cfg_parent', trailingslashit( get_template_directory_uri() ) . 'style.css', array( 'font-awesome-v5','bootstrap','sidr','magnific-popup','sliderpro' ) ); wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); } endif; add_action( 'wp_enqueue_scripts', 'chld_thm_cfg_parent_css', 10 ); // END ENQUEUE PARENT ACTION add_action( 'admin_enqueue_scripts', 'my_cfg_admin_enqueue' ); function my_cfg_admin_enqueue(){ wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); }/** * The header for our theme * * This is the template that displays all of the section and everything up until
* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It’s Not Related to Money Laundering – Regulation Bitcoin News – CoinsMegaNews

Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It’s Not Related to Money Laundering – Regulation Bitcoin News

3 years ago CryptoExpert
Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It's Not Related to Money Laundering

[ad_1]

Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It's Not Related to Money Laundering

India’s Enforcement Directorate (ED) has conducted searches at five premises linked to popular cryptocurrency trading platform Coinswitch Kuber. The company says its engagement with the ED was not related to any money laundering inquiry. The federal agency recently froze the assets of two other crypto firms, Wazirx and Vauld.

Coinswitch Kuber Next on ED’s List

The Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, carried out searches at five locations linked to popular crypto trading platform Coinswitch Kuber Thursday.

The cryptocurrency trading platform is backed by a number of global venture capitalists, including Andreessen Horowitz (A16z), Tiger Global, Coinbase Ventures, and Sequoia Capital. Coinswitch claims to be India’s largest crypto app, with over 18 million registered users. The platform, which is one of India’s largest cryptocurrency exchanges, achieved unicorn status last year.

Coinswitch Kuber CEO Ashish Singhal took to Twitter to explain the situation Saturday. He stressed that his company’s engagement with the ED Bangalore is “not about money laundering or PMLA [Prevention of Money Laundering Act].” He clarified: “Enforcement Directorate – Bengaluru has been engaged with us with respect to functioning of our crypto platforms / exchanges. We are fully cooperating with them.”

Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It's Not Related to Money Laundering

“As an industry leader in India and one of the most compliant crypto platforms, we have been engaged in constructive dialogues with various stakeholders to help them understand our business models, best compliance practices, thereby bringing more clarity on such matters,” the CEO tweeted.

According to Bloomberg, the ED searched office facilities and residences of directors and the CEO of the Bengaluru-based crypto exchange. Citing a person with knowledge of the matter, the publication added without providing specifics that the trading platform is under suspicion of acquiring shares worth over 20 billion rupees ($250 million) in violation of the country’s forex laws.

The Economic Times (ET) reported that the searches were related to money laundering. “The agency has found them to be in violation of section 11 (A) of the PMLA Act, which requires every reporting entity to verify the identity of its clients and the beneficial owner,” the publication described, citing a source privy to the investigation. The person added: “The probe has found their (KYC) to be either bogus or dubious in more than 80% of the cases.”

The news outlet recently reported that the ED is probing at least 10 cryptocurrency exchanges for allegedly laundering more than 1,000 crore rupees identified as proceeds of crime raised by 365 instant loan apps.

Earlier this month, the ED conducted searches on one of the directors of Zanmai Labs, which owns cryptocurrency exchange Wazirx. The authority subsequently issued an order freezing more than $8 million in bank assets of the crypto exchange. A week later, the ED froze crypto and bank assets of Peter Thiel-backed crypto trading and lending platform Vauld totaling more than $46 million.

What do you think about the ED searching five premises of Coinswitch Kuber? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

[ad_2]

Source link

Tags:

More Stories

Bank of Russia Supports Cryptocurrency Usage for International Settlements

Bank of Russia Supports Cryptocurrency Usage for International Settlements

1 year ago CryptoExpert
IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals

IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals

1 year ago CryptoExpert
South Korea to Unveil Guidelines Barring the Listing of Hacked Coins

South Korea to Unveil Guidelines Barring the Listing of Hacked Coins

1 year ago CryptoExpert
Uniswap Labs Receives SEC Wells Notice, Founder Vows to Fight

Uniswap Labs Receives SEC Wells Notice, Founder Vows to Fight

1 year ago CryptoExpert
Lawmaker Highlights 2 Bills to Make US a Crypto Leader — Says Bitcoin Is ‘Unstoppable’

Lawmaker Highlights 2 Bills to Make US a Crypto Leader — Says Bitcoin Is ‘Unstoppable’

1 year ago CryptoExpert
Vaneck CEO Expects SEC to Reject Spot Ethereum ETF Applications in May

Vaneck CEO Expects SEC to Reject Spot Ethereum ETF Applications in May

1 year ago CryptoExpert

Leave a Reply

Your email address will not be published. Required fields are marked *

/** * The template for displaying the footer * * Contains the closing of the #content div and all content after. * * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?>

You may have missed

Making the Best Live Casino Games

32 minutes ago xtw18387208b

What You Required to Find Out About Free Spins Bonuses

33 minutes ago xtw18387208b

Unlock the Enjoyable and Enjoyment of Online Free Gambling Enterprise Games

33 minutes ago xtw18387208b

How to Increase the Chances of WINNING Free Slot Machines

33 minutes ago xtw18387208b