Indian crypto exchange CoinDCX denies allegations of diversion of user funds
According to online reports, Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, denied WazirX's accusation that the platform transferred user funds to non-compliant entities in Lithuania, saying that the relevant user funds were managed by Neblio Technologies, an entity registered in India and compliant with FIU regulations. Previously, Indian exchange WazirX claimed in a Singapore court document that CoinDCX deposited user funds in a Lithuania entity. Gupta emphasized that CoinDCX had never conducted business in Lithuania or transferred any user funds to Lithuania, and said the accusation was misleading.
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