“Please do not fall for misinformation,” Indian crypto trade CoinDCX’s Co-founder and CEO, Sumit Gupta, stated Saturday amid allegations that the trade moved person funds to non-compliant entities in Lithuania.
The allegation was reportedly made by one other Indian trade, WazirX, which has been underneath scrutiny since final 12 months’s $230 million hack.
In an affidavit filed as a part of the Singapore Excessive Courtroom proceedings (scheduled for a listening to on July 15, 2025), WazirX reportedly claimed that CoinDCX held person funds in a Lithuania-based entity that was not registered with India’s Monetary Intelligence Unit (FIU) till February 2025.
Gupta denied these allegations in a message to CoinDesk, stressing that his India-based customers’ INR and crypto funds have all the time been held by Neblio Applied sciences, our FIU-IND registered entity, which is totally compliant with all Indian legal guidelines.
“For the report: CoinDCX didn’t have any entity in Lithuania till Feb 2025. We solely engaged with third-party entities to discover potential world enlargement. No enterprise was ever performed by CoinDCX (Neblio Applied sciences) in Lithuania, and no person funds had been ever moved to or held by any Lithuania-based entity,” Gupta stated.
He added that the trade up to date its Phrases of Use to make Neblio Applied sciences the formal contracting social gathering on Feb. 7 this 12 months, and the change was made to strengthen transparency and person belief.
“We did this proactively in order that CoinDCX customers by no means face challenges like these seen throughout the WazirX episode. This strategy safeguards customers’ pursuits, and we hope different Indian exchanges undertake the identical normal,” Gupta stated, including that the trade “stays dedicated, as all the time, to person security, transparency, and regulatory compliance.
