India launches massive inspection of cryptocurrency exchanges

The Enforcement Directorate of India is demanding that the country’s crypto exchanges provide detailed transaction information as part of an investigation into possible violations of the country’s foreign exchange regulation law.

India’s Federal Enforcement Directorate (ED), which investigates money laundering and violations of foreign exchange laws, has sent requests to Indian cryptocurrency exchanges.

«We have requested the history of transactions with foreign exchanges — where and how much money goes from India. All the details of the transactions are being studied and, if necessary, the heads of the crypto exchanges may be summoned to provide explanations,» said an ED representative.

Representatives of local exchanges confirmed that they had received requests from the ED.