The Enforcement Directorate of India has listed Coindcx to provide custodian services for seized cryptocurrency.
The Enforcement Directorate, India’s Law Enforcement and Economic Intelligence Agency, have selected the Cryptocurrency Exchange Coindcx to manage the seized cryptocurrency during the ongoing investigation.
In a press release of March 5, shared with Crypto, CONDCX confirmed that it would manage the custody of the seized property, after its cooperation with the Enforcement Directorate and its role in supporting the seizure process for the ED investigation associated with Crypto.
Coindcx co-founder Sumit Gupta said that the exchange has established a special team equipped with advanced security protocols including multi-dialogue and multi-party computation wallet for detention.
The partnership comes when Coindcx set up an investor protection fund in view of the $ 230 million hack on the Crypto Exchange Wazirx. Investor Conservation Fund is designed to compensate users for damage in “extremely rare landscapes such as security violations” and initially held approximately $ 6 million from exchange profits.
In late February, Crypto.news reported that Crypto Trading Volume in India reached $ 1.9 billion in 2024, more than double the previous quarter, as small town investors demanded new income sources between weak job development and wages. Retail traders are running most of the activity. Out of the top 10 cities adopting Crypto in 2024, seven were small cities like Jaipur, Lucknow and Pune, where people are turning to Crypto for additional income.
Despite high taxes and regulatory uncertainty, India’s Crypto market is estimated to increase by more than $ 15 billion by 2035, Consulting firm Grant Thorndon says India’s partner Kush Wadhwa.
