Indian law enforcement picks Coin DCX for seized crypto custody
India’s
Enforcement Directorate has enlisted Coin DCX to provide custodian services for
seized cryptocurrency.
Enforcement Directorate, India‘s law enforcement and economic intelligence agency, has selected cryptocurrency exchange Coin DCX to manage cryptocurrencies seized during ongoing investigations.
Coin DCX co-founder Sumit Gupta said the exchange has set up a specialized team equipped with advanced security protocols, including multi-signature and multi-party computation wallets, for managing custody
The
partnership comes as Coin DCX established an
investor protection fund in the wake of the $230 million hack on crypto
exchange Wazir X. The investor protection fund is designed to compensate users
for losses incurred in “extremely rare scenarios such as security breaches” and
at the start held nearly $6 million from the exchange’s profits.
In late Feb, crypto trading volumes in India jumped to $1.9 billion in Q4 of last year 2024, more than doubling from the previous quarter, as smaller-city investors sought new income sources amid weak job growth and wages. Retail traders are driving most of the activity. Out of the top 10 cities leading crypto adoption in 2024, seven were smaller cities like Jaipur, Lucknow, and Pune, where people are turning to crypto for extra income.
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