Bengaluru, Aug 25 (IANS): The Enforcement Directorate (ED) on Thursday searched the premises of leading crypto exchange CoinSwitch Kuber for alleged Foreign Exchange Management Act (FEMA) violations.

Coindesk reported, quoting an ED official, that five premises tied to the CoinSwitch Kuber were searched, including the residences of directors, the CEO, and the official properties.

A company spokesperson told IANS that they receive queries from various government agencies.

"Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders," the spokesperson added.

According to reports, the ED is looking into "multiple possible contraventions under FEMA and other entities that are connected to CoinSwitch".

As many as 10 crypto exchanges are under the ED radar for their alleged involvement in money laundering of around Rs 10 billion.

The agency recently froze crypto lending platform Vauld's bank assets worth Rs 370 crore over its "predatory lending practices".

The ED conducted searches at various premises of Yellow Tune Technologies Pvt Ltd in Bengaluru, and froze assets belonging to Flipvolt crypto exchange which runs the Darshan Bathija-led Vauld.

The company, like several other players offering crypto services in India, had received summons from the ED office in July, "seeking certain information/documents".

Earlier, the ED froze bank assets of crypto exchange WazirX worth Rs 64.67 crore.

The ED had on August 5 conducted searches on the premises of one of the Directors of Zanmai Lab Pvt Ltd, which owns the popular crypto currency exchange WazirX and issued an order to freeze their bank balances to the tune of Rs 64.67 crore.

This action led the ED to 10 crypto exchanges in the country.