“Please do not fall into disinformation,” said the co-founder and CEO of the Indian Crypto Exchange Coindcx, Sumit Gupta, in the midst of allegations that the exchange has moved user funds to non-compliant entities in Lithuania on Saturday.
The allegation would have been made by another Indian exchange, Wazirx, which has been under surveillance since $ 230 million hack from last year.
In an affidavit filed within the framework of the procedure of the High Court of Singapore (provided for a hearing on July 15, 2025), Wazirx would have claimed that Coindcx held user funds in a Lithuania -based entity which was not registered with the India Financial Intelligence Unit (FIU) before February 2025.
GUPTA denied these allegations in a message to Coindesk, stressing that the INR and Crypto funds of its users based in India have always been held by Neblio Technologies, our entity recorded by the CFIU, which is fully in line with all Indian laws.
“For the record: Coindcx had no entity in Lithuania until February 2025. We only had third -party entities to explore a potential global expansion. No company has ever been led by Coindcx (Neblio Technologies) in Lithuania, and no user funds have never been moved or held by an entity based on Lithuania,” said Gupta.
He added that the exchange had updated its conditions of use to make Neblio Technologies the official contract on February 7 of this year, and the change was made to strengthen transparency and user confidence.
“We have done so proactively so that Coindcx users are never confronted with challenges like those observed during the episode of Wazirx. This approach guarantees the interests of users, and we hope that other Indian exchanges adopt the same standard,” said GUPTA, adding that exchange “will remain engaged, as always, to user security, transparency and regulatory compliance.
