Sumit Gupta, co-founder and CEO of the Indian Crypto Exchange Coindcx, said on Saturday, “Please don’t fall for misinformation,
The allegation was reportedly made by another Indian Exchange, Wazirx, which has been subject to investigation since last year’s $ 230 million hack.
In an affidavit filed as part of Singapore High Court proceedings (Set for hearing on July 15, 2025), Wazirux allegedly claimed That coindcx laid the user funds in a Lithuania-based unit, which was not registered with India’s financial intelligence unit. (FIU) Until February 2025.
Gupta rejected these allegations in a message in a message from the coindes, stating that the INR and Crypto Funds of their India-based users have always been organized by Nablio Technologies, our FIU-IND registered unit, which fully comply with all Indian laws.
“For records: Coindcx had no unit in Lithuania till 2025 February. We were engaged with third party institutions only to detect possible global expansion. Any business was never operated by Coindcx. (Neblio Technologies) Gupta said that in Lithuania, and any user funds were never transferred or conducted by any Lithuania-based unit.
He said that the exchange updated the conditions of its use to form a formal contract party on 7 February this year, and a change was made to strengthen the transparency and user trust.
Gupta said, “We did it continuously so that Coindcx users never face challenges seen during the Wazirx episode.
