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India's Enforcement Directorate searches CoinDCX and Delta Exchange India premises over FEMA violations
India's Enforcement Directorate searched premises linked to crypto exchanges CoinDCX and Delta Exchange India. The agency said evidence showed trades worth several thousands of crores of rupees were sent to overseas platforms, potentially breaching the Foreign Exchange Management Act. It found that derivatives trades placed by Delta Exchange India were routed through CoinDCX and executed on foreign platforms such as Binance, KuCoin, Gate.io and Bybit. Both companies denied wrongdoing, describing the visits as routine and stating their platforms remain operational and compliant. The ED also alleged that CoinDCX holds crypto assets in overseas accounts and pays fees in stablecoins, prompting ongoing inquiries.