India’s Enforcement Directorate searched three Bengaluru premises linked to CoinDCX and Delta Exchange on November 4 and 5, 2026, over alleged unauthorized cross-border crypto transactions. Its investigation is ongoing; the alleged violations have not been established.
The agency said CoinDCX converted users’ rupees into USDT and placed matching trades on foreign exchanges through a Costa Rica-based group entity. It alleged that tokenized stock trades were routed to Hyperliquid and that the cross-border transactions ran to hundreds of millions of dollars. CoinDCX said it complies with Indian law and that trading, deposits and withdrawals remain operational. Delta Exchange denied making any cross-border transfers of crypto assets and said its services were functioning normally.
