Key Details:

• CoinDCX’s CEO, Sumit Gupta, has strongly denied WazirX’s allegations accusing the exchange of transferring user funds to entities in Lithuania not in compliance with regulations.
• These claims arose amid scrutiny of WazirX, which is dealing with the aftermath of a $230 million hacking incident.
• Gupta assured that all user funds of CoinDCX are securely held by Neblio Technologies, which complies fully with Indian laws.

“Please don’t fall for misinformation,” stated Sumit Gupta from CoinDCX, as he addressed the allegations concerning the transfer of user funds.

“The allegations were made by WazirX, which has faced criticism since last year’s hacking.”

In an affidavit, WazirX claimed that CoinDCX managed user assets through a Lithuania-based entity without prior registration with India’s Financial Intelligence Unit (FIU).

Gupta firmly denied these claims, emphasizing that CoinDCX has always been compliant, and its user funds have never been associated with any non-compliant entities. He reiterated the importance of transparency and safety for users’ funds, expressing a commitment to maintaining these standards amidst the evolving cryptocurrency landscape.