Why are Indian tax authorities raiding cryptocurrency exchanges?

The tax authorities will intensify their searches in the coming months. Indian tax authorities have raided around half a dozen of the country’s biggest cryptocurrency exchanges under the suspicion of tax evasion. Some of the raided exchanges are CoinSwitch Kuber, CoinDCX, BuyUCoin and Unocoin.

Which exchanges have been raided by Mumbai CGST & DGGI?

Some of the raided exchanges are CoinSwitch Kuber, CoinDCX, BuyUCoin and Unocoin. According to the sources of local media, the crackdown by the Mumbai CGST and DGGI has detected tax evasion of more than $9.41 million by the Indian exchanges.

Is coindcx a safe cryptocurrency exchange in India?

On Sept. 22, the same tax officials reached Mumbai to inspect CoinDCX, which is owned by M/s Neblio Technologies PVT. LTD. The exchange describes itself as “India’s largest and safest cryptocurrency exchange.” CoinDCX says it has over 7.5 million active users and a daily turnover of Rs 100 crore ($13.4 million).