ED notices to top crypto sites seek info under FEMA

The Directorate of Enforcement (ED) has sought further details and documents from cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange violations, if any, by these firms, sources said.
ED has sent out notices to cryptocurrency exchanges seeking further information under the Foreign Exchange Management Act (FEMA), they added.
Crypto trading platform CoinDCX’s founder Sumit Gupta joined the federal agency’s probe at its Bengaluru office earlier this month, the sources said.
Executives at other crypto exchanges including crypto trading platform CoinSwitch Kuber were also summoned, and the probe agency sought information about certain transactions, at least two people in know of developments told ET.