The CEO of Indian crypto exchange CoinDCX has responded to WazirX allegations by denying that user funds were ever moved to Lithuania.
“All Indian users’ INR and crypto assets on @CoinDCX have always been, and continue to be held by Neblio Technologies, our FIU-IND registered entity, fully compliant with all Indian laws,” said Gupta.
The February 2025 date referenced by WazirX in its affidavit coincides with CoinDCX updating its Terms of Use to name Neblio Technologies as the formal contracting party. WazirX claimed that the exchange moved funds back to the FUI-India registered entity around March 2025.
If Gupta’s statement is to go by, however, the funds were always with Neblio Technologies and the Terms of Use update was simply a measure to strengthen transparency.
“We did this proactively so that CoinDCX users never face challenges like those seen during the WazirX episode,” explained the CoinDCX CEO. “This approach safeguards users’ interests and we hope other Indian exchanges adopt the same standard.”
Zettai PTE LTD, the parent company of WazirX, has been seeking approval for a restructuring plan from the Singapore High Court. However, in a major blow to its recovery efforts, the court declined to sanction the proposal on June 4th.
The company subsequently filed a request for further arguments, which the court accepted. The next hearing, expected to include discussion of the CoinDCX allegation, is scheduled to take place on July 15th.
“Please don’t fall for misinformation,” said the CoinDCX CEO in his X statement. “We remain committed, as always, to user safety, transparency, and regulatory compliance.”
