“Please, do not fall into erroneous information,” said Indian Crypto Exchange Coindcx, Summit Gupta, in the midst of accusations that the exchange transferred user funds to non -conforming entities in Lithuania.
According to the reports, the accusation was made by another Indian exchange, Wazirx, which has been under scrutiny from the trick of $ 230 million last year.
In an affidavit filed as part of the Singapore Superior Court procedure (Scheduled for an audience on July 15, 2025)According to the reports, Wazirx said that COINDCX had user funds in an entity based in Lithuania that was not registered in the Indian Financial Intelligence Unit (Fiu) until February 2025.
Gupta denied these accusations in a message to Coindesk, emphasizing that Neblio Technologies, our entity registered in INR and cryptocurrencies of its users based in India, has always been retained by Neblio Technologies, our registered entity Fi-Ind, which fully complies with all Indian laws.
“For registration: Coindcx had no entity in Lithuania until February 2025. We only committed ourselves to third -party entities to explore a possible global expansion. COINDCX was never done by COINDCX (Neblio Technologies) In Lithuania, and no user funds was transferred or maintained by any entity based in Lithuania, “Gupta said.
He added that the exchange updated its terms of use to make Neblio technologies the formal contracting part on February 7 of this year, and the change was made to strengthen the transparency and user’s confidence.
“We did this proactively so that COINCX users never face challenges such as those seen during the Wazirx episode. This approach safeguards the interests of the users, and we hope that other Indian exchanges adopt the same standard,” Gupta said, adding that the exchange “remains compromised, as always, to user security, transparency and regulatory compliance.
