Add as a preferred source on GoogleIndia’s Enforcement Directorate Searches CoinDCX, Delta Exchange Over Forex Allegations
The agency alleged cross-border activity involving crypto derivatives and tokenized stocks. Both platforms said they cooperated with the searches.
India’s Enforcement Directorate searched three premises in Bengaluru linked to Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which operates Delta Exchange India, as it investigates alleged unauthorized cross-border crypto activity. The searches took place Nov. 4 and 5 under Section 37 of the Foreign Exchange Management Act (FEMA), India’s foreign-exchange law.
The ED alleged CoinDCX converted some users’ Indian-rupee deposits into USDT and routed spot orders to Binance, KuCoin and Gate.io. It also alleged the platform opened matching futures and options positions on Binance, KuCoin, Bybit and Gate.io, and tokenized-stock positions on Hyperliquid using USDT. For Delta Exchange India, the agency alleged derivatives and tokenized-stock trades were routed through CoinDCX, with transfers to foreign associate entities under investigation. The ED said the investigation remains ongoing.
CoinDCX said it cooperated with officials and its platform remained operational. Delta Exchange India also said it cooperated and was operating normally. It denied cross-border transfers of virtual digital assets.
The ED said the products were also being examined under securities and banking laws.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.