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India's ED searches CoinDCX and Delta Exchange India over alleged Binance routing

Enforcement Directorate officers searched three Bengaluru premises on 4-5 November, alleging rupee deposits were converted to USDT and sent to offshore platforms including Binance and Bybit.

InvestIn.News NewsDesk · 1 min read
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Picture from Bitcoin.com News for: India's ED searches CoinDCX and Delta Exchange India over alleged Binance routing
Image: Bitcoin.com News
Original reporting: Shiraz Jagati, Bitcoin.com News

Key points

  • ED searched three Bengaluru premises tied to Neblio Technologies (CoinDCX) and Excelium Technologies (Delta Exchange India) on 4-5 November.
  • The agency alleges rupee deposits became USDT sent to Binance, KuCoin, Gate.io and Bybit via a Costa Rica-registered company it calls a paper entity.
  • Delta Exchange India says it is cooperating fully and trading is normal; CoinDCX has not commented and no allegations have been proven.

India's Enforcement Directorate searched premises linked to CoinDCX and Delta Exchange India over alleged unauthorised cross-border crypto transactions, Bitcoin.com News reports. Officers searched three Bengaluru sites tied to the two exchanges' parent companies on 4-5 November under the Foreign Exchange Management Act.

The agency alleges CoinDCX users' rupee deposits were converted into stablecoins, mainly USDT, and sent to Binance, KuCoin, Gate.io and Bybit. It claims a Costa Rica-registered company, described as a paper entity, was used to move funds abroad, while trades ran through CoinDCX's own interfaces. Similar claims cover its futures and options and tokenised-stock products, with fees paid overseas in stablecoins.

Exchanges respond

Delta Exchange India faces related allegations that much of its derivatives and tokenised-stock flow passed through CoinDCX before reaching foreign venues. The ED says the trades ran into thousands of crores of rupees and that both firms' products appeared to breach SEBI and Reserve Bank of India rules.

Delta Exchange India said it cooperated fully and that trading, deposits and withdrawals are running normally, with user funds held in Indian banks. CoinDCX has not commented, and none of the allegations has been proven. The searches follow a $16m loss CoinDCX admitted last month and a wider ED push that recently included a probe into Mudrex, Saber.money and Instadapp.

What to watch: The ED says its investigations are ongoing, with questions over whether it will freeze assets or summon executives, and whether SEBI opens its own case.

Read the full story on Bitcoin.com News

Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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