{"id":14050,"date":"2025-07-15T07:08:34","date_gmt":"2025-07-15T05:08:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14050"},"modified":"2025-07-15T07:08:34","modified_gmt":"2025-07-15T05:08:34","slug":"crypto-user-stays-local-the-journey-of-digital-currency-without-borders","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/15\/crypto-user-stays-local-the-journey-of-digital-currency-without-borders\/","title":{"rendered":"Crypto User Stays Local: The Journey of Digital Currency Without Borders"},"content":{"rendered":"<p> &#8220;`html<br \/>\n<\/p>\n<div>\n<div class=\"trusted-editorial-content trusted-editorial-content--top\">\n<div class=\"trusted-editorial-content__text\"><u>Endorsed Editorial<\/u> material, examined by prominent industry specialists and experienced editors. <a href=\"#\" target=\"_blank\">Advertisement Disclosure<\/a><\/div>\n<\/p><\/div>\n<p>The Chief Executive Officer of Indian cryptocurrency exchange CoinDCX has addressed accusations from WazirX by asserting that user funds were never transferred to Lithuania.<\/p>\n<h2>CoinDCX CEO Claims User Crypto Assets Have Always Remained Unmoved<\/h2>\n<p>As per Crypto India co-founder <a href=\"https:\/\/x.com\/CryptooAdy\/status\/1944012638729716195\" target=\"_blank\" rel=\"noopener nofollow\">Aditya Singh<\/a>, WazirX asserted in an affidavit submitted during the Singapore High Court proceedings that <a href=\"https:\/\/bitcoinist.com\/coindcx-reduce-workforce-crypto-trading-slump-india\/\" target=\"_blank\" rel=\"noopener \">CoinDCX<\/a> was retaining its users\u2019 crypto assets with a Lithuanian entity that wasn&#8217;t recognized by India\u2019s Financial Intelligence Unit (FIU) until February 2025.<\/p>\n<p>\u201cIf this is accurate \u2013 It contradicts an earlier declaration made by CoinDCX CEO in April 2024,\u201d remarked Singh in the X thread. Sumit Gupta, the CEO in question, has <a href=\"https:\/\/x.com\/smtgpt\/status\/1944058262346674580\" target=\"_blank\" rel=\"noopener nofollow\">quote-reposted<\/a> the thread to clarify the situation.<\/p>\n<p>\u201cAll Indian users\u2019 INR and crypto assets on @CoinDCX have consistently been, and will continue to be held by Neblio Technologies, our FIU-IND registered entity, fully compliant with all Indian laws,\u201d stated Gupta.<\/p>\n<p>The February 2025 timeline mentioned by WazirX in its affidavit aligns with CoinDCX updating its Terms of Use to identify Neblio Technologies as the official contracting entity. WazirX alleged that the exchange reverted funds back to the FIU-India registered entity around March 2025.<\/p>\n<p>If Gupta\u2019s remarks are to be believed, however, the assets were always with Neblio Technologies, and the Terms of Use update was merely a step to enhance transparency.<\/p>\n<p>\u201cWe took this action proactively so that CoinDCX users never encounter issues similar to those experienced during the WazirX incident,\u201d elucidated the CoinDCX CEO. \u201cThis strategy protects users\u2019 interests, and we hope other Indian exchanges will follow suit.\u201d<\/p>\n<p>Almost precisely one year ago, WazirX found itself at the center of an <a href=\"https:\/\/bitcoinist.com\/wazirx-crypto-heist-delhi-authorities-arrest-suspect-linked-to-the-235-million-hack\/\" target=\"_blank\" rel=\"noopener \">infamous breach<\/a> that resulted in a loss of user crypto assets valued at $234.9 million, nearly half of the platform\u2019s total reserves. The exchange halted operations immediately after the breach was reported and has maintained a suspension on deposits and withdrawals since then.<\/p>\n<p>Zettai PTE LTD, the parent entity of WazirX, has been pursuing authorization for a restructuring plan from the Singapore High Court. However, in a significant setback to its recovery efforts, the court rejected the proposal on June 4th.<\/p>\n<p>The company subsequently submitted a request for additional arguments, which the court accepted. The next hearing, anticipated to involve discussion of the CoinDCX allegation, is slated for July 15th.<\/p>\n<p>\u201cPlease don\u2019t fall victim to misinformation,\u201d stated the CoinDCX CEO in his X statement. \u201cWe continue to prioritize user safety, transparency, and regulatory adherence.\u201d<\/p>\n<h2>Bitcoin Valuation<\/h2>\n<p>Bitcoin established a new <a href=\"https:\/\/bitcoinist.com\/ethereum-historic-rally-brewing\/\" target=\"_blank\" rel=\"noopener \"> all-time high (ATH)<\/a> around the $123,000 level over the past day, but the digital asset has since experienced a slight retracement that has brought its price back to $121,900. The currency is up over 12% for the week.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/IbYO0n8O\/\" alt=\"Bitcoin Price Chart\" width=\"1486\" height=\"890\"\/><\/p>\n<pre style=\"text-align: center;\">The value of the coin appears to have been increasing in recent days | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView<\/a><\/pre>\n<p>Featured image from Dall-E, chart from TradingView.com<\/p>\n<div class=\"trusted-editorial-content trusted-editorial-content--bottom\">\n\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2025\/02\/safe.png\" class=\"trusted-editorial-content__icon\"\/><\/p>\n<p><strong>Editorial Procedure<\/strong> for bitcoinist focuses on providing thoroughly researched, accurate, and impartial content. We adhere to strict sourcing standards, and each page is subject to meticulous review by our team of top technology experts and experienced editors. This approach assures the integrity, relevance, and worth of our content for our readers.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/bitcoinist.com\/coindcx-ceo-wazirx-allegations-user-crypto-moved\/\">Source link <\/a><br \/>\n&#8220;`<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;`html Endorsed Editorial material, examined by prominent industry specialists and experienced editors. Advertisement Disclosure The Chief Executive Officer of Indian cryptocurrency exchange CoinDCX has addressed accusations from WazirX by asserting that user funds were never transferred to Lithuania. CoinDCX CEO Claims User Crypto Assets Have Always Remained Unmoved As per Crypto India co-founder Aditya Singh,<\/p>\n","protected":false},"author":3,"featured_media":14051,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[3000],"class_list":["post-14050","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-user-crypto-never-moved-abroad-gpt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto User Stays Local: The Journey of Digital Currency Without Borders - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/15\/crypto-user-stays-local-the-journey-of-digital-currency-without-borders\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto User Stays Local: The Journey of Digital Currency Without Borders - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"&#8220;`html Endorsed Editorial material, examined by prominent industry specialists and experienced editors. 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