Business

India Accuses A16Z-Backed Crypto Exchange CoinSwitch of Forex Violations

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The Enforcement Directorate searched office facilities and residences of directors and the CEO. The exchange is under suspicion of acquiring shares of over 20 billion rupees ($250 million) in contravention of forex laws, the person said, asking not to be named as the matter isn’t public. The exchange was also found non-compliant with certain know-your-customer norms, the person said.



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