The move comes days after the ED froze assets worth US$8 million at crypto exchange WazirX on alleged money laundering charges.

The Enforcement Directorate is reportedly investigating more than 10 cryptocurrency exchanges in India for allegedly laundering over 10 billion rupees (US$125 million).

Last month, Vauld suspended all withdrawals, trading and deposits on its platform for “potential restructuring options.”

Vauld reportedly has debts of US$402 million, with 90% owed to individual investors.