India's Enforcement Directorate Raids CoinDCX and Delta Over Alleged Illegal Cross-Border Transactions

TechFlow reported on November 12 that, according to CoinDesk, India's Enforcement Directorate (ED), the agency responsible for financial crimes, raided premises related to cryptocurrency exchanges CoinDCX and Delta, alleging that the two platforms were involved in unauthorized cross-border transactions.

CoinDCX said ED personnel visited its Bengaluru office on November 4 and conducted 'routine questioning.' The company has fully cooperated and provided the relevant authorities with the required information and support. The company emphasized that it is registered with the Financial Intelligence Unit-India (FIU-IND), complies with India's Foreign Exchange Management Act and customer identification, anti-money laundering, and reporting obligations, and that trading, deposits, and withdrawals on the platform are operating normally. Delta had not issued a public response at the time of reporting.

The Enforcement Directorate typically investigates cross-border funds and foreign exchange violation cases under the Foreign Exchange Management Act and the Prevention of Money Laundering Act. As of the time of reporting, public information did not disclose the amount involved in the raids, whether assets were seized, or whether formal charges had been filed against the relevant platforms.

Source: TechFlow