ED summons CoinDCX, WazirX and Coinswitch Kuber, seeks customer transaction details

“CoinDCX as a company stays committed to complying with the law of the land and will cooperate with regulators at all times. As per our understanding, the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end,” said a CoinDCX spokesperson.

Coinswitch Kuber in a statement to Moneycontrol, said, "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."

"The matter is pending before the Karnataka High Court where the company and its director filed a writ petition and the court has passed an interim order. We have complied with the order. The matter is sub judice," said a WazirX spokesperson.

This comes at a time when the crypto industry is grappling with declining volumes, tax and newly implemented TDS. The purpose of levying TDS on crypto transfers is to capture the details of all transactions related to virtual digital assets.

Cryptos are now taxed on par with gains from speculative activity such as gambling, and lotteries, putting digital assets in the highest tax band.