India’s Enforcement Directorate raided three premises linked to CoinDCX and Delta Exchange India in Bengaluru on November 4 and 5. The agency suspects the companies of arranging transactions outside India in violation of the country’s foreign-exchange regulations. According to the ED, CoinDCX converted rupees into USDT to place orders on Binance, KuCoin, or Gate.io, then opened equivalent futures and options positions through Bybit. The investigation also covers products marketed as tokenized shares of Apple, Google, and Tesla, which allegedly resulted in derivative positions traded through Hyperliquid. CoinDCX and Delta Exchange India deny any violation, say they comply with Indian law, and report that their services are operating normally.
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