Home Commercial trading Oil Updates – Crude Up; The United States has had constructive discussions with India on Russian oil; Kurdish regional government says oil trade not affected

Oil Updates – Crude Up; The United States has had constructive discussions with India on Russian oil; Kurdish regional government says oil trade not affected

0

Crypto Moves – Bitcoin, Ether Down; India CoinSwitch says it is cooperating with Financial Crimes Agency investigation

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, falling 1.13% to $19,975 at 1:32 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,483 down 1.55%, according to data from CoinDesk.

Indian CoinSwitch Cooperates With Financial Crimes Agency Investigation: CEO

India’s top crypto app CoinSwitch is cooperating with the national financial crime agency, whose officers searched its offices last week to learn more about its business model and user onboarding processes, it said on Saturday. its CEO at Reuters.

CoinSwitch, worth $1.9 billion, claims to be the largest crypto company in India, with over 18 million registered users. The company is backed by Andreessen Horowitz, Tiger Global, and Coinbase Ventures.

Ashish Singhal, speaking for the first time publicly about the raid conducted on August 25, said his company was engaging with the Indian Law Enforcement Directorate unit in Bengaluru Technology Hub on the operation of its crypto platform.

“Most of their engagement with us has been to find out what CoinSwitch does,” Singhal said, saying the investigations included crypto exchange operations, how users were onboarded, and details about knowledge of crypto exchanges. standards of your customers.

A person with direct knowledge said the case involved alleged breaches of India’s foreign exchange laws. Officers asked about foreign investments, income and outflows to verify compliance, and seized financial documents, the source said.

The investigation into CoinSwitch comes amid tightening regulatory scrutiny of the crypto industry in India.

In a separate case, the agency this month froze $8 million in assets from WazirX, a major virtual currency exchange, as part of an investigation into a possible role in helping app companies instant loan to launder proceeds of crime by converting them into cryptocurrencies on its platform.

The agency said it was conducting money laundering investigations against several shadow banks and their fintech companies for potential violations of central bank standards and predatory lending practices.

The CoinSwitch research was “not about money laundering,” Singhal said.

The agency “has engaged with us regarding the operation of our crypto platform and we are fully cooperating with them,” he added.

Although no official data is available on the size of the Indian crypto market, CoinSwitch puts the number of investors at 20 million, with total holdings of around $6 billion, according to Reuters.