News · Regulation & Policy
The Enforcement Directorate alleges the Indian crypto exchanges routed hundreds of millions of dollars offshore via stablecoins and Costa Rican entities.
Key point 1 of 3
01
India's ED searched three premises tied to CoinDCX and Delta Exchange operators in Bengaluru on November 4 and 5.
Key point 2 of 3
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Regulators alleged CoinDCX converted rupees into USDT to execute foreign exchange trades via a Costa Rican paper entity.
Key point 3 of 3
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Both exchanges denied wrongdoing, stating they are registered with FIU-IND and that deposit and withdrawal services continue to operate.
Context
Indian authorities have escalated scrutiny over offshore crypto transactions and capital outflows under the Foreign Exchange Management Act, targeting how domestic exchanges…
Why it matters
CoinDCX and Delta Exchange face legal and regulatory exposure over offshore order routing, though both firms maintain that client deposits, withdrawals, and trading remain…
What to watch
The conclusion of the Enforcement Directorate's ongoing investigation and potential formal show-cause notices or legal filings against Neblio Technologies and Excelium…
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