India’s Enforcement Directorate searches 3 locations linked to CoinDCX and Delta over alleged cross-border transactions worth several hundred billion rupees.
The Enforcement Directorate’s Bengaluru Zonal Office conducted searches from November 4 to 5 under the Foreign Exchange Management Act (FEMA, 1999), alleging that the two platforms were involved in large-scale unauthorized cross-border financial transactions involving crypto-token derivatives and RWA token trading.
· What has been confirmed so far is the timing of the searches, the number of locations, and the legal basis for the allegations; the “several hundred billion rupees” transaction figure comes from the Enforcement Directorate’s allegations, and the specific findings are still subject to further proceedings.
· There is no public information so far indicating whether the searches have restricted funds, withdrawals, or services.
Would you first check the withdrawal status of the two platforms, or wait for formal follow-up documents from Indian regulators?
The Enforcement Directorate’s Bengaluru Zonal Office conducted searches from November 4 to 5 under the Foreign Exchange Management Act (FEMA, 1999), alleging that the two platforms were involved in large-scale unauthorized cross-border financial transactions involving crypto-token derivatives and RWA token trading.
· What has been confirmed so far is the timing of the searches, the number of locations, and the legal basis for the allegations; the “several hundred billion rupees” transaction figure comes from the Enforcement Directorate’s allegations, and the specific findings are still subject to further proceedings.
· There is no public information so far indicating whether the searches have restricted funds, withdrawals, or services.
Would you first check the withdrawal status of the two platforms, or wait for formal follow-up documents from Indian regulators?
