Indian Crypto Exchange CoinDCX Denies Moving User Funds Amid WazirX Allegations

CoinDCX, an Indian cryptocurrency exchange, has vehemently denied allegations made by rival platform WazirX regarding the movement of user funds to non-compliant entities in Lithuania. The claims surfaced in a Singapore High Court affidavit filed by WazirX, which has faced scrutiny since a $230 million hack in 2023.

Sumit Gupta, CoinDCX's Co-founder and CEO, dismissed the accusations as misinformation. "All INR and crypto funds for our Indian users have always been held by Neblio Technologies, our FIU-IND registered entity," Gupta stated. He emphasized that no business was conducted in Lithuania and no user funds were ever transferred there.

The controversy highlights ongoing tensions in India's crypto sector as exchanges navigate regulatory compliance. CoinDCX updated its Terms of Use in February 2025 to formally designate Neblio Technologies as its contracting party, a MOVE Gupta described as strengthening transparency.