CoinDCX CEO Refutes WazirX Claim of Moving Crypto to Lithuania

TheCryptoTimesPublished on 2025-07-16Last updated on 2025-07-17

Rival Indian crypto exchanges WazirX and CoinDCX are embroiled in a fresh dispute, with WazirX alleging in a Singapore High Court filing that CoinDCX held user crypto funds through a Lithuania-based company. 

According to WazirX’s affidavit, the Lithuanian entity wasn’t registered with India’s Financial Intelligence Unit (FIU) until February 2025. CoinDCX, however, has denied the claim, calling it incorrect and misleading.

This affidavit is part of WazirX’s ongoing court case in Singapore, where the exchange is seeking approval for its restructuring plan following a $234.9 million hack in July 2024, which wiped out nearly half of its cryptocurrency reserves. The next hearing is scheduled for July 15, 2025.

In response, CoinDCX’s Co-founder and CEO, Sumit Gupta, addressed the issue via an official statement on X (formerly Twitter), clarifying, “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.”

Gupta emphasized that CoinDCX did not even have an entity in Lithuania until February 2025. He stated, “For the record: CoinDCX did not have any entity in Lithuania until Feb 2025. We only engaged with third-party entities to explore potential global expansion. No business was ever conducted by CoinDCX (Neblio Technologies) in Lithuania, and no user funds were ever moved to or held by any Lithuania-based entity.”

To add further transparency, Gupta highlighted that on February 7, 2025, CoinDCX updated its Terms of Use to designate Neblio Technologies as its official contracting party formally. “We did this proactively so that CoinDCX users never face challenges like those seen during the WazirX episode. This approach safeguards users’ interests, and we hope other Indian exchanges adopt the same standard,” he said.

The timing of WazirX’s claim aligns with CoinDCX’s Terms of Use update and their move to clarify regulatory structure. However, Gupta firmly stated that user funds had always been under the control of its FIU-IND registered Indian entity.

“Please don’t fall for misinformation,” Gupta concluded, reinforcing CoinDCX’s commitment to user safety, transparency, and regulatory compliance as the July 15 Singapore High Court hearing approaches.

Also Read: Hack, Hide, Repeat: How WazirX Fooled Singapore and Robbed India

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