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Crypto News: ED Search Not About Money Laundering – CoinSwitch!

Crypto News: ED of India has been searching crypto firms for operations and business practices violating FEMA regulations. However, a CoinSwitch spokesperson clarifies ED search is not regarding money laundering.

  • A Tweet by the Founder of CoinSwitch reveals the ED search does not concern Money Laundering under PMLA.
  • Bengaluru ED is reportedly the body searching for crypto operations and payments of the platform/exchanges.
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» CoinSwitch Co-Founder Clarifies Co-Operation with ED Search!

CoinSwitch Kuber is a popular crypto exchange platform registered with the Indian authorities, which is undergoing a search. Reportedly, as per a crypto news source, the firm was visited by the ED officials in the previous week. Simultaneously, the officials also visited the residences of the board of directors and the founder.

  • Ashish Singhal, the co-founder of CoinSwitch Kuber, clarifies that the ED search under PMLA is not about money laundering investigations.
  • The Tweet by the co-founder quashes what most regional news articles by some agencies had allegedly been reporting otherwise.
  • A Coinverse India study reveals that India has over 115 million crypto investors between the 18 to 60 age group.

» More Crypto News Today!

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Grayscale Logo for Joint Announcement

→ Greyscale SEC Spat: Unclear Securities Evaluation of Altcoins!

A query to the second filings of the SEC questions the evaluation and analysis of Altcoins held by the Greyscale Trust. The documents reveal that there may be three Altcoins that are securities that had not been registered.

  • The valuations of the unregistered Altcoins as securities would amount to $40 million, a relatively smaller sum than all Greyscale holdings.
  • The Greyscale Trusts held approximately $60 billion in assets when BTC peaked at $69k.
  • The revelation of the Altcoins (XLM, ZEC, ZEN) jeopardizes other trust holdings that add up to billions of dollars with BTC & ETH holdings.
  • The Greyscale & SEC legal cases are about the agency rejecting the application to convert the Bitcoin Trust into a spot bitcoin exchange-traded fund.

Did You Know About Crypto Mortgage? Buy a House with Crypto & NFTs!

→ Three-Arrows Co-Founder Emerges For Affidavit Handover in Thailand!

Su Zhu, the co-founder of the Three Arrows Capital firm, has reportedly appeared before the authorities to hand over an affidavit. The appearance and the provided documents question the claims made by the crypto hedge fund liquidators.

  • The affidavit mentions Three Arrows Capital Pte Ltd (TACPL) becoming registered in Singapore in August 2013 and licensed until July 31st.
  • The Singapore-registered entity TACPL served as a master fund for two separate feeder funds registered in the British Virgin Islands and Delaware.
  • Additionally, the affidavit mentions that the Three Arrows might not fully comply with the hedge fund liquidators’ information demands due to restructuring.

→ Crypto Adoption Rate Stands at 4.2% in 2022 – A TripleA Study!

The Singapore-based research firm TripleA reveals the crypto adoption rate amounts to 4.2 % in 2022. The study segregated the data from various countries and continents, reflecting approximately 320 million people adopting crypto trade or transactions.

  • Continent-wise, Asia has the newest users at 130 million digital asset adopters.
  • Trailing the eastern continent is Africa and North America, at 53 million and 51 million new adopters, respectively.
  • The report co-relates that, as per the numbers, the total crypto adopters globally were equal to global Internet users in 1998.
  • Country-wise, the newest crypto adopters in millions belong to the USA (46), India (27), Pakistan (26), Nigeria (22), and Vietnam (20).

→ Listed Thai Crypto Miners Post H1 Losses after BTC Dips < $20K!

Numerous crypto mining companies have reported operating losses during the first half of the current year. While some might go bankrupt depending on the bearish crypto run, the national ECD and SEC authorities continue to crack down on unregistered crypto firms.

  • Earlier, Thai Finance Minister Arkhom Termpittayapaisith reported that the ECD had investigated ten listed crypto mining companies.
  • The Minister is yet to receive further information from the SEC regarding the investigations regarding stock manipulation practices.

Crypto Sale Today – August 29th, 2022

The top cryptocurrency prices in the global crypto market have dipped after the speech by Fed chair Jerome Powell. Since the early hours, the top crypto BTC has shrunk below the $20k mark. The following figures reflect their individual positions:

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  • (BTC) Bitcoin
    • Average Price: $19,899.21
    • 24h: – 0.56% ↓
  • (ETH) Ethereum
    • Average Price: $1,458.23
    • 24h: – 2.30% ↓
  • (BNB) Binance Coin
    • Average Price: $279.04
    • 24h: + 0.63% ↑
  • (XRP) Ripple
    • Average Price: $0.3235
    • 24h: – 3.39% ↓
  • (ADA) Cardano
    • Average Price: $0.4338
    • 24h: – 3.00% ↓
  • (SOL) Solana
    • Average Price: $30.71
    • 24h: – 2.34% ↓

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