Indian cryptocurrency exchange CoinDCX denies transferring user funds

BlockBeats News, July 13th, according to a CoinDesk report, the co-founder of the Indian cryptocurrency exchange CoinDCX said on Saturday that earlier accusations claimed that the exchange had transferred user funds to a non-compliant entity in Lithuania. This accusation was made by another Indian exchange, WazirX, which has been under scrutiny since a $23 million hack last year. WazirX accused CoinDCX of holding user funds in an entity located in Lithuania, which was not registered with the Financial Intelligence Unit (FIU) in India until February 2025. CoinDCX denied these accusations in a statement, stating that the relevant user funds are held by its entity Neblio Technologies, which is registered in India and compliant with FIU regulations.