Twice in the Twitter thread, CoinSwitch Kuber CEO Ashish Singhal sought to clarify that the “engagement with the ED” is not about money laundering. CoinDesk has reported the searches have been in connection with India’s Foreign Exchange Management Act (FEMA). Source
The investment arm of South Korean tech giant Samsung is reportedly looking to launch a crypto exchange platform along with several other prominent securities firms. According to local media outlet Newspim, Samsung Securities attempted to headhunt for individuals who can take charge of a crypto trading platform and develop blockchain smart contracts last year. The investment firm failed to find people to fill in the positions, but is reportedly conducting studies on how to venture into the crypto assets exchange business. The report says that Samsung Securities and six other…
Following Russian president Vladimir Putin’s statements at the end of June that indicated members of the BRICS nations have formalized plans to create a new “international reserve currency,” Russia is reportedly building the foundations of a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims the “alliance aims to control as much of the two key elements in the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange called the Moscow World Standard (MWS). US Dollar and Ruble…
Zipmex is one of many crypto companies that withered as the market slid earlier this year. Bitcoin fell from $69,000 to $17,000 in six months, bankrupting lenders like Celsius Network and Voyager Digital while Singapore-based hedge fund Three Arrows Capital imploded. Zipmex loaned $48 million to Babel Finance, also a crypto lender, and $5 million to Celsius, none of which has been repaid. Source
Indian anti-money laundering agency, Enforcement Directorate (ED), raided the premises of CoinSwitch Kuber, one of the largest local cryptocurrency exchanges, under the suspension of forex law violations. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. The agency searched five premises linked to the crypto exchange, including office facilities and residences of directors and the CEO. CoinSwitch allegedly violated the Foreign Exchange Management Act (FEMA) with the acquisition of shares of over 20…
Indian crypto exchange CoinDCX has launched Okto, a Decentralised Finance (DeFi) mobile app, Friday, aimed at easing the transition of crypto consumers to DeFi, co-founder Neeraj Khandelwal told CoinDesk. Source AppBitcoinCoinDCXcryptoexchangeDeFiExchangeExchangesIndianLaunchesMobileShiftSignalingWeb3 CryptoX Portal
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Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws. According to an Aug. 25 report from Bloomberg, India’s Enforcement Directorate searched CoinSwitch Kuber’s offices as well as the residences of its directors and CEO Ashish Singhal. A source told the publication the crypto exchange is under suspicion of acquiring shares worth more than $250 million in contravention of forex laws, as well as being non-compliant with certain know-your-customer (KYC) requirements. The Directorate of Enforcement is…
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Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub. In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited concerns with Bitkub “resolving various issues” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline. According…