If you have attempted to file taxes on your cryptocurrency trades, you might have noticed some unfamiliar company names appearing on your bank statements. You may have encountered reports regarding government investigations into cryptocurrency companies and noticed that it can be somewhat challenging to determine which platforms are implicated. Familiarising yourself with these legal names ensures you stay informed about your platforms.
This guide provides insights into the actual company names associated with the major crypto brands in India. This discussion will cover the government’s interest in this matter, the implications of recent investigations for users, and strategies for ensuring your safety. If you are preparing to file taxes or have an interest in crypto platforms, this information will assist you in making informed decisions.
What’s the Difference Between a Legal Name and a Brand Name?
A legal name is similar to a person’s real name on their passport; it’s the official name that the government has on record. For instance, CoinDCX’s legal name is “Neblio Technologies Private Limited,” as shown on government documents and tax filings. Legal names often lack the creativity of brand names and tend to have terms like “Technologies” or “Private Limited” in them.
Brand names are like little nicknames that companies hope you’ll keep in mind. CoinDCX, WazirX, and ZebPay are all brand names that aim to be memorable and reliable. These show up on apps and websites, but from a legal standpoint, these brand names aren’t recognised as separate companies.
Knowing both names is super important for tax filing and keeping yourself informed. Your bank statements display legal names such as “Bitcipher Labs” rather than “CoinSwitch.” When news reports talk about investigations into “Zanmai Labs,” it’s good to know that this refers to WazirX.
Why This Matters for Crypto Users in India
All crypto exchanges must register with the Financial Intelligence Unit-India (FIU-IND) using their official legal company names. Platforms that are not registered may be subject to government shutdowns at any moment, which could result in the loss of your funds.
The Indian government is currently conducting investigations into various crypto companies regarding their compliance with GST tax regulations. Investigations of this nature have the potential to freeze company bank accounts or impose restrictions on operations, which can result in an inability to withdraw funds or engage in trading activities. The government refers to legal company names in all investigation documents, with “investigation into Zanmai Labs” implying that WazirX is facing issues.
It is common for users to experience confusion when bank statements display “Neblio Technologies” rather than “CoinDCX.” The confusion tends to increase during tax season, particularly when it comes to aligning transactions with platform records. It is important to verify both brand and legal names, as some fraudulent platforms may use similar brand names to deceive users.
List of Crypto Companies with Legal Names and Brand Names
The Financial Intelligence Unit-India has an official list of registered Virtual Digital Asset (VDA) service providers. Here is the complete list:
Sl. No | Registered Company Name | Trade Name |
1 | Neblio Technologies Private Limited | Coin DCX |
2 | ANQ Digital Finserv Private Limited | ANQ Finance |
3 | Unocoin Technologies Pvt Ltd | Unocoin |
4 | Buyhatke Internet Private Limited | Onramp |
5 | Giottus Technologies Pvt Ltd | Giottus |
6 | Bitbns Internet Private Limited | Bitbns |
7 | Awlencan Innovations India Limited | Zebpay |
8 | Zanmai Labs Pvt Ltd | WazirX |
9 | Bitcipher Labs LLP | Coinswitch |
10 | Nextgendev Solutions Private Limited | CoinswitchX |
11 | RPFAS Technologies Pvt Ltd | Mudrex |
12 | IBLOCK Technologies Pvt Ltd | Buyucoin |
13 | WOLLFISH Labs Pvt Ltd | Coindhan |
14 | Rario Digital Private Limited | Rario |
15 | Angelic Infotech Pvt Ltd | Suncrypto |
16 | Carretx Technologies Pvt Ltd | Carret |
17 | ABHIBHA Technologies Pvt Ltd | Onmeta |
18 | Smartliving Digital Technologies Pvt Ltd | Cryptosmartlife |
19 | UCY Technology Pvt Ltd | Pyor |
20 | Digital Collectibles Pte Ltd | Rario |
21 | Veeratva Technologies Pvt Ltd | Vair |
22 | Transak Technology India Pvt Ltd | Transak |
23 | REMIZO Technologies India Pvt Ltd | Getbit |
24 | FIN GENIE Tech Pvt Ltd | Bytex |
25 | Inocyx Technologies Pvt Ltd | Inocyx |
26 | Metatoken Technologies Pvt Ltd | Fanztar |
27 | Excellium Technologies Pvt Ltd | Delta Exchange |
28 | Longreen India Pvt Ltd | Bitbse.com |
29 | Flitpay Pvt Ltd | Flitpay |
30 | Fincrypt LLP | Stable Pay |
31 | Arthbit Pvt Ltd | ArthBit |
32 | Pagarpay India Pvt Ltd | Density Exchange |
33 | Lightningnodes Technologies Pvt Ltd | pi42 |
34 | Kooz Advisors and Technologies Pvt Ltd | KoinBX |
35 | SUBHX Infotech (OPC) Pvt Ltd | BIT24HR |
36 | Peken Global Ltd | KuCoin |
37 | ALSD Technologies Pvt Ltd | Alpyne |
38 | Damsol Pvt Ltd | Square |
39 | First Answer India Technologies Pvt Ltd | Liminal |
40 | Eclipton Technologies Pvt Ltd | Eclipton |
41 | Blockoville OU | Blockoville |
42 | Binance International Limited | Binance |
Crypto Exchanges Under GST Investigation
Indian tax authorities are currently investigating several major crypto exchanges for violations related to GST. This investigation looks into the compliance of platforms regarding tax payments on trading fees and services. Investigations by the authorities concentrate on the legal entities associated with well-known brand names, and these processes can extend over several months.
Key concerns regarding GST include the misclassification of services and the underreporting of trading volumes. Certain platforms have been reported to have underreported their user base to minimise tax liabilities, while others have made errors in calculating GST on international transactions. Complex tax calculations frequently result in disagreements with authorities.
GST investigations can have a significant effect on users, as authorities may choose to freeze company bank accounts while conducting these investigations. You may find that depositing or withdrawing rupees from the affected platforms is not possible. Should you be utilising a platform currently under scrutiny, it is advisable to keep up with official announcements and think about spreading your activities across various platforms.
Tips for Users: How to Verify a Crypto Company’s Legal Identity
It is essential to confirm that your crypto platform is registered with FIU-IND. Visit the platform’s website to find registration numbers or certificates, and confirm this information using official FIU-IND sources. Reputable platforms clearly showcase their registration status, whereas deceptive ones tend to provide ambiguous compliance statements lacking specific information.
When filing crypto taxes, it is important to verify that the company names on your transaction records align with the official PAN and GSTIN information. Utilise government portals such as the income tax website and GST portal to confirm platform registration information. It is essential to maintain comprehensive records of all transactions, including legal entity information, to ensure accurate tax filing and safeguard against fraud.
Visit the Ministry of Corporate Affairs (MCA) website to check the registration status of companies, details about directors, and their compliance history. Verify details by consulting various government sources such as the MCA, GST portal, and FIU-IND to confirm accuracy. Significant inconsistencies may suggest issues regarding the platform’s legal standing or authenticity.
Conclusion
The gap between brand names and legal companies has an impact on the practical aspects of cryptocurrency trading, particularly in terms of tax compliance and regulatory developments. With 28 firms already registered with FIU-IND and ongoing GST investigations into numerous large platforms, this information allows you to make safer, more informed decisions concerning where to trade and invest.
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