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Indian Crypto Exchange CoinDCX Denies Allegations of Funds Being Transferred Overseas

Summary: According to CoinDesk, Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, has denied allegations made by WazirX that the platform transferred user funds to a non-compliant entity in Lithuania. Gupta stated that the funds in question are held by Neblio Technologies, an entity registered in India and compliant with FIU regulations. WazirX had claimed in ...

According to CoinDesk, Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, has denied allegations made by WazirX that the platform transferred user funds to a non-compliant entity in Lithuania. Gupta stated that the funds in question are held by Neblio Technologies, an entity registered in India and compliant with FIU regulations. WazirX had claimed in court documents in Singapore that CoinDCX stored user funds with a Lithuanian entity. Gupta emphasized that CoinDCX does not operate in Lithuania and has not transferred any user funds there, calling the allegations misleading.

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