Indian Crypto Exchange Coindcx refused to transfer user funds after allegations to Wazirx
“Please don’t fall for misinformation,” co-founder and CEO of Indian Crypto Exchange Coindcx Sumit Gupta, Saturday said amid allegations that the exchange of user funds to non-compliance creatures in Lithuania.
The allegation has been reported made by another exchange of India, Wazirx, which has been evaluated ever since The $ 230 million hack of last year.
In an affidavit filed as part of the Singapore High Court proceedings (Scheduled for a hearing on July 15, 2025), Wazirx reported That CoindCX performed user funds to a Lithuanian -based creature not registered in India’s financial intelligence unit (Fiu) Until February 2025.
Gupta denied these allegations in a message to CoinDesk, who emphasized that his Indian-based users of INR and Crypto are always held by Neblio Technologies, our registered FIU-Indi-Indi-Ind, which fully complies with all India laws.
“For Table: CoindCX does not have any Creatures in Lithuania until February 2025. We only participate in third-party entities to explore potential global expansion. No business conducted by COINDCX (Neblio Technologies) In Lithuania, and no user funds have ever been moved or held by any Lithuania -based creature, “Gupta said.
He added that the exchange would update the terms of use to make neblio technologies formally contracting the party on February 7 this year, and the change was made to strengthen the user’s transparency and trust.
“We did this actively so that COINDCX users did not face challenges as those seen during the Wazirx episode. This method protects users’ interests, and we hope that other Indian exchanges have adopted the same criteria,” Gupta said, adding that the exchange “remains focused, as usual, in the safety of the user, transparency, and regulation.
