Indian Crypto Exchange CoinDCX Denies Moving User Funds After WazirX Allegations
2025-07-12 21:07:06
Main Idea
CoinDCX's CEO Sumit Gupta denies allegations made by WazirX that the exchange moved user funds to a non-compliant entity in Lithuania, asserting that all funds are held by its registered and compliant entity, Neblio Technologies.
Key Points
1. WazirX accused CoinDCX of holding user funds in a Lithuania-based entity not registered with India’s Financial Intelligence Unit (FIU) until February 2025.
2. CoinDCX CEO Sumit Gupta refuted the claims, stating that all user funds are held by Neblio Technologies, an FIU-IND registered entity.
3. Gupta clarified that CoinDCX did not have any entity in Lithuania until February 2025 and no business was conducted there.
4. CoinDCX updated its Terms of Use to designate Neblio Technologies as the formal contracting entity to ensure user trust and compliance.
Description
"Please don't fall for misinformation," Indian crypto exchange CoinDCX's Co-founder and CEO, Sumit Gupta, said Saturday amid allegations that the exchange moved user funds to non-compliant entities in Lithuania. The allegation was reportedly made by another Indian exchange, WazirX, which has been under scrutiny since last year's $230 million hack . In an affidavit filed as part of the Singapore High Court proceedings (scheduled for a hearing on July 15, 2025), WazirX reportedly claimed that Coin...
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