Crypto firm Vauld issues statement on India enforcement action
Crypto firm Vauld has issued a statement regarding an asset freeze order issued by Indian authorities. The statement by the company makes it clear that the freeze applies to crypto assets in the pool wallets of the company to the extent of approximately INR 2040 million.
Below is the full statement by Vauld:
We, like several other players offering crypto services in India, had received summons from the Enforcement Directorate, Hyderabad, India in the month of July 2022, seeking certain information/documents. In due compliance with the summons, we fully cooperated with the Enforcement Directorate and provided all the required information/documents.
It is unfortunate that, despite extending our cooperation, the Enforcement Directorate has proceeded to pass a freezing order, pursuant to which crypto assets in the pool wallets of the company have ordered to been frozen to the extent of approximately INR 2040 million. The freezing order of the Enforcement Directorate is specific to that one customer that availed our services for a brief period of time, whose account we subsequently deactivated. We respectfully disagree with the freezing order.
We follow strict KYC requirements in every country, including India. We are seeking legal advice on our best course of action in order to protect the interests of the company, its customers, and all the stakeholders. We have fully cooperated with the Enforcement Directorate and will continue to extend our cooperation to ensure we continue to remain a safe place for customers to transact and own cryptocurrencies.