# India Searches CoinDCX, Delta Exchange in Cross-Border Crypto Probe By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/51652 Published: 2026-11-08T15:10:58.000Z Updated: 2026-11-08T15:10:58.000Z Section: Regulation > The ED alleges CoinDCX used accounts in the name of a Costa Rica-based entity as an intermediary for overseas trades. India’s Enforcement Directorate (ED) searched three Bengaluru premises linked to CoinDCX and Delta Exchange on Wednesday, Nov. 4, and Thursday, Nov. 5, as it investigates alleged cross-border crypto trading involving thousands of crores of rupees. The ED’s Bengaluru Zonal Office conducted the searches under Section 37 of India’s Foreign Exchange Management Act (FEMA), 1999. The agency alleges CoinDCX converted customer deposits in Indian rupees into Tether (USDT), routed the funds through exchange accounts held in the name of a Costa Rica-based entity and used CoinDCX APIs to execute spot trades on Binance, KuCoin and Gate.io. The ED also alleges CoinDCX opened matching futures and options positions on Binance, Bybit, KuCoin and Gate.io. Separately, it alleges that a large volume of Delta Exchange India’s derivatives trading — including futures, options and tokenized-stock transactions — was routed through CoinDCX. The ED has also investigated alleged cross-border crypto transfers involving [Mudrex and Instadapp](). The current investigation is ongoing. ## Links in this article - [Mudrex and Instadapp](https://www.tokenpost.com/news/regulation/44101)