Update
Enforcement Directorate Searches Crypto Exchanges Over Offshore Trades
India's Enforcement Directorate has conducted searches in Bengaluru linked to crypto exchanges CoinDCX and Delta Exchange, alleging unauthorized cross-border transactions worth hundreds of millions of dollars through crypto derivatives and tokenized assets. The searches were carried out under India's Foreign Exchange Management Act (FEMA) on November 4 and 5. The Enforcement Directorate alleges that CoinDCX used stablecoins such as USDT to carry out trades for its users on foreign crypto exchanges, including Binance, KuCoin, Bybit and Gate.io, bypassing India's framework for sending money abroad. Both platforms were found to be offering futures and options on crypto tokens and trading tokenized shares of foreign companies, despite not being authorized to do so.