India authority is searching offices of a16z-backed CoinSwitch Kuber

India’s anti-money laundering agency is searching multiple premises of the Bengaluru-headquartered crypto exchange startup CoinSwitch Kuber over suspicion of violation of the South Asian market’s local foreign exchange management act, two people familiar with the matter said.

The Enforcement Directorate began the searches on Thursday and the probe is ongoing, the people said, requesting anonymity as the matter is private and sensitive. The move follows similar probes into the premises of WazirX and Vauld.

“We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders,” a CoinSwitch Kuber spokesperson told TechCrunch in a statement.

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