Enforcement Directorate probing major Indian crypto exchanges. Is your money safe?
— Indian, Platforms, Crypto, Wallet, Major, Investors, Understand, Leading, Probing, Exchanges — 1 min read
The Enforcement Directorate (ED) has served notices to leading Indian crypto exchanges to submit documents in relation to an ongoing investigation of the Foreign Exchange Management Act (FEMA) The ED is mandated with enforcing acts such as FEMA, the Prevention of Money Laundering Act (PMLA), and the Fugitive Economic Offenders Act. CoinDCX and CoinSwitch insist that they continue to comply with all statutory requirements applicable in the trading of virtual assets. The notices seem to seem to be procedural and crypto investors trading on other crypto exchanges do not have any reason to be alarmed. Most crypto platforms have already put in place self-regulatory frameworks that are meant to check for bad actors and take immediate remedial action to ensure the platform and its investors' safety. Source