The Enforcement Directorate searched premises linked to crypto exchanges CoinDCX and Delta Exchange India over alleged unauthorized cross-border transactions. The searches took place in Bengaluru on November 4 and 5. The agency said the trading activity under review runs into thousands of crores of rupees.
Alleged transaction routes
The ED said CoinDCX user funds in rupees were converted into stablecoins such as USDT. The funds were then transferred to overseas platforms including Binance, KuCoin, Gate.io, and Bybit. The agency said these transfers circumvented foreign exchange rules.
Exchange responses
Delta Exchange India said it cooperated fully with officials. It denied any cross-border transfer of virtual digital assets in any form. The exchanges are linked to Neblio Technologies and Excelium Technologies.
Products under scrutiny
CoinDCX and Delta Exchange India are accused of offering spot trading, futures and options, and tokenized foreign stocks through cryptocurrencies. The ED said CoinDCX advertised these products without authorization. Tokenized stock trades on CoinDCX were allegedly routed through Hyperliquid, an overseas decentralized platform.
The searches are part of a broader enforcement push on crypto-related forex violations. Days earlier, the ED opened a separate probe involving Mudrex, Saber.money, Instadapp, and Fluid. That case covers alleged transfers above ₹4,940 crore.