India searches crypto exchanges CoinDCX and Delta Exchange over offshore trades
India's financial crimes agency has searched cryptocurrency platforms CoinDCX and Delta Exchange over suspected foreign exchange violations involving cross-border trading routes.
India's Enforcement Directorate, the country's financial crimes agency, has conducted searches and raids at cryptocurrency exchanges CoinDCX and Delta Exchange. The regulatory action centers on suspected foreign exchange violations and alleged illegal cross-border trading practices.[3][2][1]
The agency alleges the exchanges facilitated illegal cross-border fund flows that breached India's foreign exchange regulations, routing Indian users' trades to offshore platforms including Binance and Bybit via a Costa Rican shell entity. The inquiry highlights persistent challenges for Indian authorities in policing crypto derivatives and cross-border fund flows, which could influence future domestic oversight of the sector.[1][3][2]
Key facts
- India's Enforcement Directorate searched crypto exchanges CoinDCX and Delta Exchange.
- The investigation focuses on alleged illegal cross-border fund flows that violated India's foreign exchange regulations.
- The Enforcement Directorate alleged the exchanges routed Indian users' trades to offshore platforms like Binance and Bybit using a Costa Rican shell entity.
- The probe underscores ongoing regulatory challenges in monitoring cross-border transactions and crypto derivatives in India.
Sources · 3 sources
- DE
DecryptArticle ·
India's Financial Crimes Agency Searches CoinDCX, Delta Exchange Over Offshore Trades The Enforcement Directorate alleges the exchanges routed Indian users' trades to Binance, Bybit and others via a Costa Rican shell entity.
Open source - CB
Crypto BriefingArticle ·
India’s Enforcement Directorate searches CoinDCX and Delta Exchange over alleged forex violations The investigation highlights regulatory challenges in monitoring crypto derivatives and cross-border transactions, potentially reshaping India's crypto oversight. The post India’s Enforcement Directorate searches CoinDCX and Delta Exchange over alleged forex violations appeared first on Crypto Briefing .
Open source - CO
CoindeskArticle ·
India’s financial crimes watchdog raids crypto exchanges CoinDCX and Delta over alleged illegal cross-border trades The Enforcement Directorate alleged illegal cross-border flows that violated India's foreign exchange laws.
Open source