Indian Crypto Exchange CoinDCX Denies Moving User Funds After WazirX Allegations

“Please don’t fall for flawed data,” stated the co-founder and CEO of Indian Crypto Trade Coindcx, Sumit Gupta, on Saturday within the midst of accusations that the change makes use of person funds to non-compliant entities in Lithuania.

Allegedly the allegation was made by one other Indian inventory change, Wazirx, which has been examined for the reason that hack of $ 230 million of $ 230 million.

Submitted in a press release as a part of the Excessive Court docket Proceedings in Singapore (deliberate for a listening to on July 15, 2025)” Wazirx allegedly claimed That Coindcx person funds had an entity -based entity that was not registered with the monetary intelligence unit of India (FIU) Till February 2025.

Gupta denied these allegations in a message to Coinsek and emphasised that the INR and Crypto funds of his users-based customers have at all times been saved by Neblio Applied sciences, our FIU-Ind-registered entity, which totally meets all Indian legal guidelines.

“For the report: Coindcx had no entity in Lithuania till February 2025. We solely held with entities of third events to discover potential international growth. There have by no means been any issues by Coindcx (Neblio Applied sciences) In Lithuania, and no person funds have ever been moved to or within the arms of an entity -based entity, “stated Gupta.

He added that the change has up to date its phrases of use to make Neblio applied sciences on 7 February this yr the formal contracting social gathering, and the change was made to strengthen transparency and person confidence.

“We have now achieved this proactively, in order that Coindcx customers by no means face challenges akin to they seen in the course of the Wazirx episode. This method protects the pursuits of customers, and we hope that different Indian festivals settle for the identical customary,” Gupta stated, including that the change stays for person safety, transparency and regulance.