ED issues notices to CoinSwitch, CoinDCX; seeks info under FEMA

NEW DELHI: A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA).

The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not.

According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange.

Earlier, Sumit Gupta the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements. People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements.

ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned.(IANS)

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