🇮🇳 India's financial crimes agency raids CoinDCX and Delta Exchange
India's Enforcement Directorate said it searched premises in Bengaluru linked to CoinDCX and Delta Exchange India on Nov. 4 and 5 over alleged violations of the country's foreign exchange law (FEMA).
The agency alleges CoinDCX converted customers' rupees into USDT and mirrored their spot, futures and tokenized-stock trades one-for-one on foreign platforms including Binance, KuCoin, Bybit, Gate.io and Hyperliquid, via a Costa Rica-based entity it called a paper company. It puts these flows at tens of billions of rupees and says much of Delta's trading was routed through CoinDCX.
Both exchanges say they comply with Indian law and that trading, deposits and withdrawals continue as normal.
⭐ The case targets India's largest exchange and the common practice of routing local orders to offshore liquidity, signaling tougher scrutiny of crypto derivatives and tokenized stocks in one of the world's biggest retail markets.
#India #CoinDCX #CryptoRegulation #USDT
India's Enforcement Directorate said it searched premises in Bengaluru linked to CoinDCX and Delta Exchange India on Nov. 4 and 5 over alleged violations of the country's foreign exchange law (FEMA).
The agency alleges CoinDCX converted customers' rupees into USDT and mirrored their spot, futures and tokenized-stock trades one-for-one on foreign platforms including Binance, KuCoin, Bybit, Gate.io and Hyperliquid, via a Costa Rica-based entity it called a paper company. It puts these flows at tens of billions of rupees and says much of Delta's trading was routed through CoinDCX.
Both exchanges say they comply with Indian law and that trading, deposits and withdrawals continue as normal.
⭐ The case targets India's largest exchange and the common practice of routing local orders to offshore liquidity, signaling tougher scrutiny of crypto derivatives and tokenized stocks in one of the world's biggest retail markets.
#India #CoinDCX #CryptoRegulation #USDT
