“Since we did not receive the desired cooperation we have conducted searches on of directors, the CEO and the official premises” of the exchange. One of Kubera’s best features is its estate and beneficiary management transfer system. Their latest investment was in MoHash as part of their Seed VC on June 6, 2022.
- The coin is still showing risking framing segments for past few days, the coin might have strong fundamentals but, we don’t think that it would a profitable asset in short term.
- The company has offered a comprehensive guide to both On-chain and Off-chain transactions.
- It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency KFT, to facilitate programmable payments and open financial infrastructure development.
- The Enforcement Directorate, India’s financial crimes agency, has accused crypto exchange CoinSwitch Kuber of violating forex laws.
- One of the biggest crypto exchanges in India has been raided by agents of the country’s Enforcement Directorate.
Of the total 10 million users, seven million were active users on the platform at the time, with a monthly transaction volume of Rs 15,138 crore. “I have been following the fintech space for years and am fascinated by the potential it holds for India. I am delighted to join CoinSwitch,” the newly appointed kuber finance crypto CFO of the crypto exchange said in a press release. They move it by buying crypto through these exchanges and transferring the crypto to another account. Most of these alleged laundering accounts are often located in mainland China. With this in mind, the agency also shared their alleged modus operandi.
Latest news
This refers to financial services using smart contracts, which are automated enforceable agreements that don’t need intermediaries like a bank, and use blockchain tech instead. Earlier media reports, based on source inputs, said that five premises linked with CoinSwitch Kuber were probed in connection with ED’s money laundering probe into instant micro-loan apps. The company itself relies on financial data aggregation services like Plaid and Yodlee to connect to over 20,000 banks around the world, including international accounts. Kubera also supports and values all currencies, including cryptocurrencies. Nadhani was also disappointed in the available portfolio tracker options for a number of reasons.
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The minimum amount payable through card transactions is $50, while the maximum is $10,000. The platform also has a monthly limit of $50,000 on all card transactions. CoinSwitch uses Simplex, a European payments company, kuber chat as a payment systems facilitator. CoinSwitch will use this development money to revamp their aggregation technology, build their brand, boost product and security capabilities, and increase crypto awareness in India.
Ramesh’s experience in solving problems at scale in high-growth companies will help us strengthen and expand CoinSwitch to serve the next billion people,” said Singhal, the co-founder and CEO of CoinSwitch. In case of another crypto platform Vauld, it was said that a shell entity called Yellow Tune Technologies Pvt. The Enforcement Directorate investigated the P2P transactions between accounts and other details of Coinswitch Kuber. The report also mentioned possible multiple violations against FEMA or the Foreign Exchange Management Act. This law regulates all incoming and outgoing transactions from India.
Investable Assets
Trading volumes in India have plummeted recently due to a stiff new crypto tax and other recent developments, including the rough local launch of crypto exchange Coinbase . Therefore, it is not clear how many of CoinSwitch Kuber’s 18 million registered users are still active. For cryptocurrency enthusiasts, Kubera supports decentralized finance assets on multiple chains like Ethereum, BSC, Arbitrum, Optimism, Avalanche, Solana and Cosmos. Named after the Hindu God of wealth and billed as the world’s most modern portfolio tracker, Kubera lets you track all of your assets and investments in one place online. The Solana blockchain explorer SolanaFM has raised USD 4.5m in a seed round led by Japanese financial services company SBI Group’s Digital Asset Opportunity Fund. Other investors include Spartan Group, Mirana Ventures, D1 Ventures, and Petrock Capital, an announcement said.
Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release. The project team has purchased this advertisement article for $1500.
