CoinSwitch Kuber, a crypto exchange based in India backed by notable VCs like Andreessen Horowitz and Tiger Global, was the target of governmental searches on Thursday, according to two reports.
CoinDesk and Bloomberg reported the searches, citing sources, as being conducted by India's Enforcement Directorate. Bloomberg said that CoinSwitch is suspected of running afoul of India's foreign exchange laws.
CoinSwitch did not immediately return a request for comment.
“We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders," a representative for the firm told Bloomberg.
CoinSwitch has raised roughly $300 million to date, and backers include Andreessen Horowitz, Paradigm, Coinbase Ventures and Tiger Global, per Crunchbase.
As previously reported, authorities in India are conducting investigations of the country's crypto exchange ecosystem. Earlier this month, the Economic Times reported that "at least ten" exchanges were subject to money laundering-related investigations by the Enforcement Directorate.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.