CoinSwitch Kuber And WazirX Temporarily Block INR Deposits

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....

Valued at $1.9 billion, CoinSwitch Kuber has become the largest crypto company in India, CEO Ashish Singhal said. Major Indian cryptocurrency exchange CoinSwitch Kuber is joining the unicorn club by raising $260 million in a Series C funding round.According to an official announcement on Oct. 6, the new funding has propelled CoinSwitch Kuber to the “very top” of Indian unicorns as the firm became “India’s most valued crypto company” at $1.91 billion.The funding round was led by Coinbase’s venture capital arm Coinbase Ventures and Andreessen Horowitz. Previous investors like Sequoia,....

According to reports, two large Indian cryptocurrency exchanges have stopped deposits via a popular payment method, causing worry in a country where regulatory certainty is still lacking despite Bitcoin’s enormous popularity. News sources disclosed that Indian crypto exchanges WazirX and CoinSwitch Kuber have disabled rupee deposits using the United Payment Interface (UPI) for the purpose […]

The Andreessen Horowitz-backed crypto exchange is the latest on the Enforcement Directorate’s anti-money laundering hit list. 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....

Following crypto exchange CoinDCX’s breakthrough to unicorn status this summer, CoinSwitch Kuber is rumored to be next in line – at a valuation close to twice that of its forerunner. India’s recent past has been tumultuous on the cryptocurrency front, yet the local industry is nonetheless rumored to be on the verge of producing another crypto unicorn. According to an unconfirmed report published today, sources allegedly familiar with the matter have claimed that crypto exchange CoinSwitch Kuber is in the “advanced stages of talks” for a fresh financing round that would see the platform....