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Three Major Indian Exchanges Receive Legal Notice for not Sharing Founder Details on Website

A few days after we published a controversial list of exchanges that do not share the details of the co-founders on their websites, we received a copy of a legal notice sent to three Indian Cryptocurrency exchanges – Zebpay, Koinex and Coindelta.

As absurd as it sounds as a premise for a legal notice, it is true. An individual named Yousuf Rampurawala who also is a lawyer himself, sent the legal notice.

In the legal notice titled ‘Concerns rose due to the recent Coinsecure exchange compromise’ , Rampurawala expects exchanges to release full details of the individuals running the show from behind their exchanges. The notice includes a few more concerns as well.

The common point raised for each of the exchange is

“You (exchange) have not given details like your founders’ names, current address, educational qualification, government ID proof, contact details like operational email ID and other important credentials. “

Many other points have been made against the individual exchanges. Here are the highlights:

To Koinex:

  1. No Support helpline number
  2. No details of Founders in Privacy policy besides Aditya Naik mentioned as Grievance officer and an address which is incorrect.
  3. When Koinex is facing issues with banks for payment and withdrawals of INR, they do not keep their users informed of the progress.

To Coindelta:

  1. Have not provided registered address
  2. No Support helpline number.

To Zebpay:

  1. Have not mentioned the registered address of Singapore HQ

Furthermore the notice asks the exchanges to make their GST filing details public.

What do the exchanges say?

The exchanges in question have confirmed to CoinCrunch that they still haven’t received the notices. Rampurawala confirmed that the notices have been sent via registered post. We will update the article when we receive a response from the exchanges.

It is however not new for these exchanges to receive legal notices. For instance, back when the banks were shutting down accounts of the exchanges doing instant deposits and withdrawals, Koinex received hundreds of the notices every week when they closed withdrawals. Once the users received the payment, the notices were no longer processed further.

Yousuf Rampurawala can be reached on Twitter @YusufRampurawa7



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