ED searches CoinDCX and Delta Exchange over crypto trades sent abroad
The Enforcement Directorate says the two exchanges allegedly routed crypto derivatives and tokenised stock trades overseas without permission. Delta denies it.
- Probe under FEMA, 1999
- Volumes alleged in 'thousands of crores'
- Delta denies wrongdoing
What happened
The Enforcement Directorate (ED) searched three premises in Bengaluru on 4 and 5 November linked to Neblio Technologies, which runs CoinDCX, and Excelium Technologies, which runs Delta Exchange India. The probe is under India's foreign exchange law, FEMA.
The ED alleges the platforms offered crypto futures and options, and trading in 'tokenised' foreign shares, without authorisation, and that user money was converted into stablecoins and moved to overseas exchanges. It says volumes ran into thousands of crores.
What the companies say
Delta Exchange said it cooperated fully and denied any cross-border transfer of crypto assets. CoinDCX had not commented at the time of reporting. These are allegations; nothing has been proven, and the investigation is ongoing.
It is the latest in a string of ED actions against crypto firms this year, including a separate probe into Mudrex and others announced days earlier.
