India’s Enforcement Directorate (ED) is targeting major local exchanges: on November 4–5, it conducted surprise searches at three CoinDCX and Delta Exchange offices in Bengaluru, investigating suspected unauthorized cross-border crypto transactions under FEMA.
The official account is damning: after users deposited rupees, the funds were converted to USDT and then mirrored through overseas accounts (reportedly shell companies in Costa Rica) to Binance, KuCoin, Gate, Bybit, and even Hyperliquid, for spot and derivatives trading, as well as exposure to “tokenized U.S. stocks” such as Apple, Google, and Tesla. The amount involved was reportedly in the hundreds of billions of rupees. Delta is also being investigated over whether it transferred large sums to overseas affiliates.
Both companies say they are cooperating with the investigation, that deposits, withdrawals, and trading are operating normally, and that user funds are held in Indian bank accounts. CoinDCX called it a routine inquiry; Delta denied making any cross-border VDA transfers. Both emphasized that they are registered with FIU-IND. So far, only searches have been announced; no arrests have been reported.
Regulatory pressure is increasingly bearing down on the model of Indian exchanges tapping overseas liquidity.
#印度 #CoinDCX #监管 #FEMA
The official account is damning: after users deposited rupees, the funds were converted to USDT and then mirrored through overseas accounts (reportedly shell companies in Costa Rica) to Binance, KuCoin, Gate, Bybit, and even Hyperliquid, for spot and derivatives trading, as well as exposure to “tokenized U.S. stocks” such as Apple, Google, and Tesla. The amount involved was reportedly in the hundreds of billions of rupees. Delta is also being investigated over whether it transferred large sums to overseas affiliates.
Both companies say they are cooperating with the investigation, that deposits, withdrawals, and trading are operating normally, and that user funds are held in Indian bank accounts. CoinDCX called it a routine inquiry; Delta denied making any cross-border VDA transfers. Both emphasized that they are registered with FIU-IND. So far, only searches have been announced; no arrests have been reported.
Regulatory pressure is increasingly bearing down on the model of Indian exchanges tapping overseas liquidity.
#印度 #CoinDCX #监管 #FEMA
