Cryptocurrency exchange CoinSwitch Kuber is collaborating with the Enforcement Authority of India (ED) and previous searches of the company’s offices have not been about money laundering. This was stated by Ashish Singhal, the head of the platform.

There are many media reports circulating about ED Bangalore’s recent engagement. @CoinSwitchKuber. So let me clear the air.

• First of all, the events of the last few days are not about money laundering or PMLA.

Here’s what’s going on:

– Ashish Singhal (@ashish343) 27 August 2022

According to Singhal, the ED is concerned with the “working of crypto platforms/exchanges”. He did not disclose details and stated that the company is “cooperating fully” with the authorities.

“Cryptocurrency is a new asset class. Cryptocurrencies in their early stages are not yet clearly classified in most parts of the world. Currently, the law (in India and elsewhere) is still evaluating whether a cryptocurrency is a “commodity”, “security”, “currency” or “something new”.

He added that the company is “committed to building a responsible crypto ecosystem that contributes to the Indian economy.”

Previous investments in the Bengaluru-based platform include Paradigm, Sequoia and Tiger Global. In October 2021, after a $260 million funding round led by Coinbase Ventures and a16z, CoinSwitch said:Unicorn“.

In the spring of 2022, CoinSwitch, among other Indian digital asset platforms, faced tax evasion charges. On August 26, Bloomberg reported that the offices and homes of the company’s CEO and executives were searched.

Recall that in early August, it became known that the ED accused WazirX, another major crypto exchange in the country, of violating currency rules and laundering $ 350 million in money.

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