India’s crypto industry is rocked again! The Enforcement Directorate (ED) has investigated CoinDCX and Delta Exchange, alleging serious violations of the Foreign Exchange Management Act (FEMA).
They are suspected of converting customers’ rupees into USDT, then transferring them to international exchanges such as Binance and KuCoin for cross-border trading. They allegedly even replicated derivatives positions through a shell company in Costa Rica, enabling unauthorized trading.
TRILLIONS OF RUPEES have been moved, entirely beyond India’s control. This is a major blow to market liquidity and confidence.
Capital flows and legal risks are a growing concern. Could this be the start of a new crackdown in India?
#Crypto #India
$BTC
They are suspected of converting customers’ rupees into USDT, then transferring them to international exchanges such as Binance and KuCoin for cross-border trading. They allegedly even replicated derivatives positions through a shell company in Costa Rica, enabling unauthorized trading.
TRILLIONS OF RUPEES have been moved, entirely beyond India’s control. This is a major blow to market liquidity and confidence.
Capital flows and legal risks are a growing concern. Could this be the start of a new crackdown in India?
#Crypto #India
$BTC