🔍 India’s Enforcement Directorate raids CoinDCX and Delta Exchange over alleged billions‑rupee cross‑border crypto trades.
The ED searched three Bengaluru premises linked to Neblio Technologies (CoinDCX) and Excelium Technologies (Delta) on Nov 4‑5, citing violations of the Foreign Exchange Management Act, 1999.
It alleges that customer rupees were converted to USDT and sent to foreign platforms such as Binance, KuCoin, Gate.io and Bybit to execute spot, futures, options and tokenized‑share orders for companies like Apple, Google and Tesla.
Each of the three transaction routes reportedly involved “tens of billions of rupees,” with enterprise accounts, stable‑coin fees and tokenized stock products also under scrutiny.
CoinDCX and Delta acknowledge the searches but contest the claims.
What safeguards should crypto exchanges implement to stay compliant with FEMA and securities regulations?
#Crypto #FinTech #RegTech #India #Compliance
The ED searched three Bengaluru premises linked to Neblio Technologies (CoinDCX) and Excelium Technologies (Delta) on Nov 4‑5, citing violations of the Foreign Exchange Management Act, 1999.
It alleges that customer rupees were converted to USDT and sent to foreign platforms such as Binance, KuCoin, Gate.io and Bybit to execute spot, futures, options and tokenized‑share orders for companies like Apple, Google and Tesla.
Each of the three transaction routes reportedly involved “tens of billions of rupees,” with enterprise accounts, stable‑coin fees and tokenized stock products also under scrutiny.
CoinDCX and Delta acknowledge the searches but contest the claims.
What safeguards should crypto exchanges implement to stay compliant with FEMA and securities regulations?
#Crypto #FinTech #RegTech #India #Compliance
