CoinSwitch founder says engagement of Indian ED was not about money laundering

On Aug 28, 2022

Ashish Singhal said that Crypto exchange is fully cooperating with the Indian Enforcement Directorate (ED).

CoinSwitch Kuber is a popular crypto exchange in India. Ashish Singhal is co-founder and Chief executive officer of CoinSwitch exchange. In the last couple of years, CoinSwitch grabbed huge traction in the Indian crypto industry because of its advertisement on popular Indian TV networks during cricket matches.

On 27 August, the CoinSwitch founder took to Twitter to inform his followers that many media reports claimed that the Indian government agency ED Conducted a search operation at the offices of CoinSwitch regarding money laundering.

Ashish said that all those reports are wrong because the engagement of ED with CoinSwitch Kuber was to determine the business model of the exchange with crypto assets, that is how it works.

CoinSwitch founder said that almost every country’s agencies are confused about the categorization of crypto assets, whether to categorize in commodity or security or adopt a new asset class.

Crypto is a new asset class. Being in early stages, cryptos are not yet clearly classified in most parts of the world.

Now, the law (in India and elsewhere) is still assessing if crypto is a “commodity”, “security”, “currency” or something new.
This is a work in progress.
— Ashish Singhal (@ashish343) August 27, 2022

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Further, Ashish confirmed that the CoinSwitch platform is working to contribute to the crypto industry to make things more clear and bring clarity to the assets’ class. And also clearly said that Benguluru-based Indian ED agency engagement was only part to explain the business model of the platform and how it works.

In the end, Ashish said that the crypto & blockchain industry has huge potential to bring huge innovation to the country, and also CoinSwitch aimed to bring employment to Millions of the Indian population.

ED investigation against multiple crypto exchanges

In the last few months, the Enforcement Directorate continuously investigated multiple Indian crypto exchanges to find out the network of money laundering linked with Chinese companies.

So it was expected that the latest engagement of ED with CoinSwitch was also part of the Money Laundering probe.