India’s ED Names Binance, Bybit as Alleged Foreign Payout Platforms

India’s Enforcement Directorate (ED) is investigating alleged cross-border cryptocurrency transfers and put the approximate amount involved at more than ₹5,000 crore, naming Binance and Bybit as platforms allegedly used for foreign payouts.

The ED said searches took place Oct. 27 in Bengaluru and Madhya Pradesh under the Foreign Exchange Management Act. It alleged the probe found shell entities in tax-haven countries, large over-the-counter deals and foreign payouts through platforms such as Binance and Bybit.

The agency’s announcement did not identify the businesses involved or say whether either exchange knew of or participated in alleged violations.

Mudrex said it cooperated with officials during a search at its premises and provided requested documents and information. The company said it believes its operations comply with applicable law.

In a separate investigation, the ED searched six Bengaluru premises on June 17 over alleged cross-border transfers using virtual digital assets.