India’s Enforcement Directorate’s Bengaluru division searches premises linked to CoinDCX and Delta Exchange, over large-scale unauthorized cross-border transactions
India’s Enforcement Directorate (ED) Bengaluru division conducted searches of three premises linked to CoinDCX and Delta Exchange on November 4 to 5, under the Foreign Exchange Management Act (FEMA 1999). The ED alleges that the two platforms were involved in large-scale unauthorized cross-border financial transactions, involving crypto token derivatives and RWA token trading.
According to disclosures by the ED, the scale of the related cross-border transactions reached hundreds of billions of rupees. The investigation involves Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which operates Delta Exchange. The ED said the two platforms provided crypto futures and options as well as tokenized foreign stock trading, despite allegedly not being authorized to offer such products, and executed transactions via USDT on overseas exchanges such as Binance and KuCoin.
Neblio, the parent company of CoinDCX, said that ED officials’ visit to its Bengaluru office was a routine inquiry, and that the company fully cooperated and provided the necessary information. Delta Exchange said its business was operating normally without interruption, and that user funds were safely held in Indian banks. Both companies said they were registered with FIU-IND and complied with applicable laws.
Original source:
Title: ED, Bengaluru has conducted search at 3 premises linked to... CoinDCX and Delta Exchange Publisher: ED (@dir_ed) Publication date: 2026-11-06 URL: https://x.com/dir_ed/status/2118730797553496453 Source nature: official agency post Verification status: This read the ED original post and was confirmed by multiple Indian media outlets, verification date 2026-11-06 Supporting content: supports all search timing, legal basis, and transaction-nature descriptions in the body
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India’s Enforcement Directorate Bengaluru division searched three premises linked to CoinDCX and Delta Exchange from November 4 to 5 under FEMA 1999. The ED alleges that the two platforms were involved in large-scale unauthorized cross-border financial transactions involving crypto token derivatives and RWA token trading, and that the related cross-border transactions amounted to hundreds of billions of rupees.
On the transaction and execution path, the investigation involves Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which operates Delta Exchange. The ED said the two platforms provided crypto futures and options as well as tokenized foreign stock trading, despite allegedly not being authorized, and executed transactions via USDT on overseas exchanges such as Binance and KuCoin. CoinDCX is alleged to have converted customer rupee deposits into USDT and then transferred them to overseas exchanges. Some Delta Exchange transactions are alleged to have been routed through CoinDCX to overseas platforms.
Compared with the two companies’ statements that business is operating normally and that they have cooperated with the investigation, the ED’s investigation is still ongoing. The common point is that both involve entities registered with FIU-IND; the key difference is that the ED is examining whether cross-border derivatives and tokenized asset transactions conducted through stablecoins violated FEMA, while the companies emphasize compliance with applicable laws. The ED is also reviewing whether the products comply with the Securities Contracts (Regulation) Act and related rules.
For CoinDCX and Delta Exchange, the searches have been completed and business is currently operating normally. For Indian regulators, the action targets cross-border execution of crypto derivatives and tokenized foreign assets. For the market, the relevant transactions are described as amounting to hundreds of billions of rupees, but the case is still at the investigation stage and no final conclusion has been reached yet.
ABAB News · Cognitive Law
The ED Bengaluru division searched three premises linked to CoinDCX and Delta Exchange on November 4-5 under FEMA.
The allegations involve large-scale unauthorized cross-border transactions in crypto token derivatives and RWA tokens, amounting to hundreds of billions of rupees.
The transactions are alleged to have been executed via USDT on overseas exchanges such as Binance, and the companies said they cooperated and business remained normal.