CoinDCX, an Indian cryptocurrency exchange, has refuted WazirX's allegations of transferring user funds to Lithuania, calling it misinformation. The CEO of CoinDCX reassured that the exchange adheres to regulatory guidelines.
CoinDCX Denies Allegations as Misinformation
Sumit Gupta, CEO and co-founder of CoinDCX, stated that his exchange complies with regulatory guidelines and has no entity in Lithuania. He dismissed the allegations as misinformation and urged the public not to ‘fall for misinformation.’
Allegations Spark Debate on Compliance
The allegations have sparked debate in the crypto community regarding CoinDCX's transparency and compliance with Indian regulators. A user on X, Aditya Singh, claims that Gupta's clarification contradicts an earlier statement he made in April 2024. Singh has challenged Gupta to provide further clarity on the actual state of affairs.
Rise of Web3 in India
As the broader crypto community awaits clarity on these allegations, India has emerged as a global hub for Web3. A report released in December 2024 showed that India hosts over 1,000 Web3 startups in various sectors, accounting for approximately 12% of global crypto developers.
The escalation of allegations against CoinDCX highlights the importance of transparency and adherence to regulatory standards in India's rapidly evolving crypto landscape.
