Is India banning crypto exchanges? – Katoch Tubes

India against Crypto exchanges?

What's the news?

The Directorate of Enforcement (ED) has raided two famous crypto exchanges in the case related to money laundering activities.

The Scam

It is believed that illegal money worth over 1000 cr by instant loan apps has been sent via Indian crypto exchanges

Exchanges in question

Two famous crypto exchanges WazirX & CoinSwitch Kuber were raided & others are under the ED radar.

What they found?

ED questioned WazirX for sending funds to foreign wallets & allowing foreign investors on the platform. While CoinSwitch Kuber investigation is in process 

Are the funds safe?

If you're using any of these trading platforms, your funds are safe but its always better to switch to better exchanges like Binance or Kraken

The future of Exchanges

Crypto trading is legal in India. However, there's no clear regulations except taxing them. A clarity is required for proper functioning

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