India's Financial Crimes Agency Searches CoinDCX, Delta Exchange Over Offshore Trades
Summary
India’s Enforcement Directorate searched three Bengaluru premises linked to CoinDCX and Delta Exchange on November 4 and 5, investigating alleged unauthorized cross-border transactions under FEMA. The agency says CoinDCX routed users’ rupee-funded trades through USDT and foreign exchanges, including via an overseas group entity, and that tokenized shares were derivatives traded on Hyperliquid. It also alleges Delta-related overseas transfers and says the transactions involved hundreds of millions of dollars. Both exchanges say they cooperated, deny wrongdoing or cross-border transfers, and report that their services remain operational. The investigation is ongoing.
