India’s Enforcement Directorate searched three premises in Bengaluru linked to CoinDCX and Delta Exchange while investigating alleged foreign exchange violations. According to the agency, CoinDCX converted users’ rupee deposits into USDT and executed their trades on Binance, KuCoin, Bybit and Gate.io through a Costa Rica-based shell entity. The agency said the cross-border transactions amounted to hundreds of millions of dollars and that trades in tokenized stocks were executed through Hyperliquid. Delta Exchange also allegedly transferred tens of millions of dollars to overseas group entities. Both platforms said they cooperated fully with the authorities, denied violating applicable laws and reported that trading, deposits and withdrawals remained operational.
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