ED raids Bengaluru sites linked to CoinDCX and Delta Exchange
The Enforcement Directorate (ED) just raided three premises in Bengaluru linked to CoinDCX and Delta Exchange, two big names in India's cryptocurrency scene.
The raids happened on November 4 and 5 as part of a probe into possible violations of India's foreign exchange laws, mainly around cross-border cryptocurrency trades and tokenized assets.
Authorities are especially looking at how these platforms, run by Neblio Technologies and Excelium Technologies, might have handled money moving out of India.
CoinDCX allegedly converted rupees to USDT
According to reports, CoinDCX allegedly converted Indian rupees into stablecoins like USDT through an account held in the name of a Costa Rica-based entity, then moved those coins to global exchanges such as Binance and KuCoin, skipping Indian regulations.
Both CoinDCX and Delta Exchange are also accused of letting users trade cryptocurrency futures, options, and even tokenized stocks without proper authorization.
The investigation is still ongoing as officials check if these actions broke any major financial laws in India.