CoinDCX, a prominent Indian cryptocurrency exchange, has publicly refuted claims regarding the alleged transfer of user funds to an unregistered entity in Lithuania. These accusations were initially made by rival exchange WazirX, which has faced intensified scrutiny following a significant $230 million security breach last year. WazirX asserted that CoinDCX held user assets through a Lithuanian-based entity that lacked registration with India’s Financial Intelligence Unit (FIU) until February 2025. In response, CoinDCX clarified that all user funds are securely managed by Neblio Technologies, an Indian-registered entity fully compliant with FIU regulations. This clarification aims to reinforce trust and regulatory adherence within the Indian crypto ecosystem, highlighting the importance of transparent custodial practices amid increasing regulatory oversight.
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