Investigate ED’s major Indian crypto exchanges. Is your money safe? July 10, 2022 by admin The multidisciplinary organization, ED, is authorized to enforce actions such as FEMA, Money Laundering Prevention (PMLA) and the Financial Crimes Act (FEOA), and regularly investigate issues or businesses that fall into these practices. Notice of transaction information and information on how these platforms work is provided to leading crypto exchanges, CoinDCX and CoinSwitch, and to some executives in both organizations. Based on the statements made by CoinDCX, all relevant information has been satisfactorily shared with the authorities, and we urge you to continue to comply with all applicable legal requirements in the transaction of virtual assets. ZebPay, which is part of a larger investigation after the crypto-asset company, was disciplined last year for violating foreign exchange laws, and major crypto exchanges are being investigated in an effort to prevent further violations. So far, the notifications appear to be processed and there is no reason for crypto investors to trade in other crypto exchanges. However, the Singapore-based crypto lending platform Walld earlier this month banned cryptocurrencies and withdrawals for many users, citing compliance, risk, and how Indian cryptocurrencies such as CoinDCX stopped all withdrawals, trading and deposits. Follow-up requirements. Citing the growing limitations of regulatory requirements, judges are still concerned about the crypto exchange taking such drastic and drastic measures. In light of the fact that many leading cryptocurrency companies, such as the Celsius Network, have taken similar action due to poor market conditions, a significant reduction in transaction volume could have contributed to these actions. Although crypto investors in the country are shocked by these recent changes, it should be noted that many domestic crypto exchanges have their own regulatory framework and are transparent. In terms of investor protection, crypto exchanges serve as trading platforms and store all the most secure customer tokens in a separate wallet. This gives investors exclusive title, rights and ownership rights for all cryptocurrency holdings. In addition, many crypto exchanges protect themselves from the financial damage of any cyber scam, providing their customers with greater security than currently required. There is no doubt that token holders and businesses will interact with each other through the complex technology of the common man, blockchain technology and cryptocurrencies. Crypto is still in the early stages of its development, which is being monitored by Cryptocurrency and the official digital currency bill for all crypto-related activities in India. Despite the breakthroughs in blockchain and crypto industry, crypto exchanges continue to pay attention, as governments around the world begin to engage and consult with them to understand the differences at work. In India, most crypto platforms have self-regulatory frameworks designed to detect malicious actors and take immediate remedial action to ensure the safety of the platform and its investors. Crypto investors in India would do well to understand the terms and conditions of their cryptocurrency holdings. If the wallet stays separate from the platform’s own wallet, there is nothing to worry about as the holder of all tokens stays with the wallet owner. At this point, it is best to conduct transactions on crypto exchanges that have an exemplary history, that follow high standards of transparency and strong KYC strategies, and that adhere strictly to their code of conduct when dealing with any type of loyalty transaction. Sign up Mint newspapers * Enter a valid email * Thank you for subscribing to our newsletter. The first text .