“Please don’t fall for misinformation,” Indian crypto trade CoinDCX’s Co-founder and CEO, Sumit Gupta, mentioned Saturday amid allegations that the trade moved person funds to non-compliant entities in Lithuania.
The allegation was reportedly made by one other Indian trade, WazirX, which has been underneath scrutiny since final yr’s $230 million hack.
In an affidavit filed as a part of the Singapore Excessive Courtroom proceedings (scheduled for a listening to on July 15, 2025), WazirX reportedly claimed that CoinDCX held person funds in a Lithuania-based entity that was not registered with India’s Monetary Intelligence Unit (FIU) till February 2025.
Gupta denied these allegations in a message to CoinDesk, stressing that his India-based customers’ INR and crypto funds have all the time been held by Neblio Applied sciences, our FIU-IND registered entity, which is absolutely compliant with all Indian legal guidelines.
“For the record: CoinDCX did not have any entity in Lithuania until Feb 2025. We only engaged with third-party entities to explore potential global expansion. No business was ever conducted by CoinDCX (Neblio Technologies) in Lithuania, and no user funds were ever moved to or held by any Lithuania-based entity,” Gupta mentioned.
He added that the trade up to date its Phrases of Use to make Neblio Applied sciences the formal contracting occasion on Feb. 7 this yr, and the change was made to strengthen transparency and person belief.
“We did this proactively so that CoinDCX users never face challenges like those seen during the WazirX episode. This approach safeguards users’ interests, and we hope other Indian exchanges adopt the same standard,” Gupta mentioned, including that the trade “stays dedicated, as all the time, to person security, transparency, and regulatory compliance.
