Cryptocurrencies
India Accuses A16Z-Backed Crypto Exchange CoinSwitch of Forex Violations
Source: CoinSwitch Kuber
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India’s anti-money laundering agency conducted searches on Thursday at five premises of a16z-backed crypto exchange CoinSwitch Kuber, alleging violations of forex laws, a person with knowledge of the matter said.
The Enforcement Directorate searched office facilities and residences of directors and the CEO. The exchange is under suspicion of acquiring shares of over 20 billion rupees ($250 million) in contravention of forex laws, the person said, asking not to be named as the matter isn’t public. The exchange was also found non-compliant with certain know-your-customer norms, the person said.