India Probes CoinDCX, Delta Exchange Over Alleged Offshore Crypto Trading Worth Thousands Of Crores
Photo: Coinpedia
India’s Enforcement Directorate (ED) has searched premises linked to crypto exchanges CoinDCX and Delta Exchange in Bengaluru. The agency alleges unauthorised cross-border transactions in crypto derivatives and tokenised assets worth thousands of crores. The ED’s Bengaluru Zonal Office searched three premises on November 4 and 5 under Section 37 of the Foreign Exchange Management Act (FEMA), 1999, according to a statement from the agency. The ED said the case began with information alleging large-scale FEMA violations by two companies: The ED described what it called “double hop” spot trading transactions on CoinDCX: The agency alleged that these transfers bypassed the…
Source: Coinpedia
