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Jul 12, 2025, 8:29 p.m.
- CoinDCX’s CEO, Sumit Gupta, refuted allegations of moving user funds to non-compliant entities in Lithuania.
- The allegations were made by WazirX, which is under scrutiny following a $230 million hack.
- Gupta emphasized that CoinDCX’s user funds are held by Neblio Technologies, a fully compliant entity in India.
“Please don’t fall for misinformation,” Indian crypto exchange CoinDCX’s Co-founder and CEO, Sumit Gupta, said Saturday amid allegations that the exchange moved user funds to non-compliant entities in Lithuania.
The allegation was reportedly made by another Indian exchange, WazirX, which has been under scrutiny since last year’s $230 million hack.
STORY CONTINUES BELOW
In an affidavit filed as part of the Singapore High Court proceedings (scheduled for a hearing on July 15, 2025), WazirX reportedly claimed that CoinDCX held user funds in a Lithuania-based entity that was not registered with India’s Financial Intelligence Unit (FIU) until February 2025.
Gupta denied these allegations in a message to CoinDesk, stressing that his India-based users’ INR and crypto funds have always been held by Neblio Technologies, our FIU-IND registered entity, which is fully compliant with all Indian laws.
“For the record: CoinDCX did not have any entity in Lithuania until Feb 2025. We only engaged with third-party entities to explore potential global expansion. No business was ever conducted by CoinDCX (Neblio Technologies) in Lithuania, and no user funds were ever moved to or held by any Lithuania-based entity,” Gupta said.
He added that the exchange updated its Terms of Use to make Neblio Technologies the formal contracting party on Feb. 7 this year, and the change was made to strengthen transparency and user trust.
“We did this proactively so that CoinDCX users never face challenges like those seen during the WazirX episode. This approach safeguards users’ interests, and we hope other Indian exchanges adopt the same standard,” Gupta said, adding that the exchange “remains committed, as always, to user safety, transparency, and regulatory compliance.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
