 of India has selected CoinDCX to manage and provide custodial services for confiscated crypto.){kind=link}
India’s Enforcement Directorate has picked CoinDCX for custodian services of seized crypto. According to market reports, one of the top cryptocurrency exchanges in India, CoinDCX, has been chosen by the Enforcement Directorate (ED) of India to handle and offer custodial services for seized Crypto.
The collaboration is a part of India’s continuous efforts to combat crimes involving cryptocurrencies, such as fraud and money laundering.
Securing the confiscated assets is essential to guaranteeing accountability and transparency as law enforcement organizations intensify their investigations into illicit cryptocurrency activity.
CoinDCX Emerges as Trusted Service Provider in Indian Markets
With its sophisticated security measures and well-established presence in the Indian cryptocurrency sector, CoinDCX is regarded as a trustworthy option for managing such delicate assets.
Thanks to the exchange’s experience providing custody services for cryptocurrencies, the ED will be able to safely keep and handle the digital assets it confiscates during investigations.
This action also demonstrates India’s increasing emphasis on monitoring and controlling the cryptocurrency industry while making sure that digital assets found during criminal investigations are properly protected until the end of the judicial process.
Also Read: CoinDCX CEO Shares Vision For Safe & Compliant Crypto Withdrawals In 2025 Amid Rising Scams
India Scales Up Measures to Combat Illegal Crypto Activities
As worries about investor protection, financial security, and the possibility of illicit activity increase, India is taking steps to regulate and monitor the cryptocurrency industry.
Authorities in India are realizing the necessity of establishing a clear regulatory framework to control the dangers associated with digital assets as the country’s usage of cryptocurrencies grows.
The government has been forced to take action because to the increase in crimes involving cryptocurrency, such as fraud, tax evasion, and money laundering.
The Indian government also wants to reduce the risks associated with speculative trading while establishing a safe atmosphere that encourages innovation.
Businesses and investors will benefit from clarity brought about by sector regulation, which will enable more organized industry growth. India hopes to guarantee adherence to know-your-customer (KYC) and anti-money laundering (AML) regulations by enacting regulations for cryptocurrency exchanges, wallet providers, and other crypto enterprises.
Also Read: Indian Govt Expands Crypto Surveillance in 4 Years with 2600% Surge in Forensic Analysis
India’s Growing Crypto Fraud Problem
In recent years, fraud and cryptocurrency scams have increased in India. Notable instances include the BitConnect Ponzi scheme, which duped investors of millions of dollars, and the WazirX hack, in which users lost money as a result of platform mismanagement.
Money laundering through cryptocurrency exchanges was the subject of another well-known case, in which Koinex and other platforms were charged with enabling illicit transactions.
Concern over crypto fraud has also grown as a result of the widespread use of phony initial coin offerings (ICOs) that prey on unwary investors.
These occurrences demonstrate how urgently India’s cryptocurrency industry needs to be regulated and secured.
Also Read: India’s Crypto Market Set To Surge From $2.5B In 2023 To $15B By 2035, Report