Tag Archives: india

India is still having a tough time deciding if it wants to allow crypto in its future or not. One of the people casting doubt on whether digital currencies have a space in the later years of India is Union Finance Minister Nirmala Sitharaman, who last Monday explained in an interview that money laundering is a big concern amongst her constituents. India Is Worried about Crypto Money Laundering She believes that money laundering and other illicit crimes are too big to...

Singapore-headquartered cricket NFT platform Rario has bagged $120 million in funding led by Dream Capital. The Series A funding round also saw the participation of Alpha Wave Global. Founded in 2011, Rario’s existing investors include Animoca Brands, Presight Capital, and Kingsway Capital. “We are pleased to announce that we have raised $120M Series A Funding led by Dream Capital….,” Rario tweeted on Thursday, with a link to the Rario blog where the company had put out a...

A news report suggesting that India’s hostile policy towards the digital asset sector is leading to an exodus of crypto-entrepreneurs from the country has said that Nischal Shetty and Siddharth Menon, both co-founders of WazirX, have left India along with their families for Dubai. Shetty and Menon are CEO and COO at WazirX, respectively. The Binance-operated company, the largest Indian crypto exchange by volume, is among the many local trading venues that had seen a sharp...

Indian cryptocurrency exchange CoinDCX announced on Tuesday a $135 million Series D funding round. The company’s valuation in the new round has nearly doubled to $2.15 billion from $1.1 billion in August 2021.  Co-founder and CEO of the firm Sumit Gupta announced the news on Twitter, saying he was “excited to share that CoinDCX has raised over USD 135 million in our latest Series D funding round.” The company said it plans to invest the money in expanding its product...

India’s financial crime investigation agency Enforcement Directorate (ED) has sought the help of police in a case of bitcoin theft worth Rs. 6 crores ($790,000) by the investigators who were assisting the police in a crypto fraud case worth over $260 million.     What Is the Case? As per media reports, ED officials visited the office of Pune’s Commissioner of Police in the Maharashtra province last Saturday and collected some information about the crime.  The case pertains to...

Two of India’s largest crypto exchanges – CoinSwitch Kuber and WazirX – have halted deposits in Indian rupees citing regulatory problems, triggering a wave of angry protests by investors on social media. It comes two days after Coinbase halted deposits in Indian rupees on Sunday, barely 3 days following its launch in India on April 7. The regulatory problem mentioned by these exchanges is a euphemism for the denial of instant retail payments services through the Unified...

A series of cyberattacks breached multiple Twitter accounts associated with the administrative and legislative bodies of India in the past few days. NFT-related content that promoted a project called “Azuki” was posted on the compromised accounts, making people speculate that the hackers were conducted by the same individuals or entities. The most recent victim came from the Twitter account owned by the Punjab unit of the Indian Congress – Punjab Congress. The breach rendered...

Since the new crypto tax came into effect on April 1, Indian digital asset exchanges have witnessed a sharp fall in transaction volumes. The final days of March also saw a panic selling.  Crypto Transactions Plummet in India Sharing volume graphs of four leading crypto exchanges, CoinDCX, BITBNS, ZEBPay, and WazirX, on April 3, a crypto industry insider tweeted, “Indian Exchanges saw Volume drop after New Crypto tax rules became applicable on April 1.” A news report...

On March 28, the Enforcement Directorate (ED) arrested a person, Abdul Gafoor, one of the accused in the Morris Coin fraud case that erupted on the India crypto scene in January 2022 and still remains one of the largest such frauds in the country. ED is the economic intelligence wing of the Ministry of Finance, and it tracks high-value economic crimes. It took over the case in 2021 after several previous ones were registered against Morris Coin and its kingpin Nishad K.  ...

The second-most populated nation will reportedly implement a regulatory framework on cryptocurrencies only after a global consensus on the matter. According to a person familiar with the matter, the Indian government does not plan a law soon to either restrict or promote dealing with digital assets. Crypto Regulation Needs Global Approach India is among the countries with the most controversial stance on the cryptocurrency industry. Over the past few years, the authorities...