India's Financial Crimes Agency Searches CoinDCX, Delta Exchange Over Offshore Trades

India's Enforcement Directorate (ED) has searched three premises in Bengaluru tied to cryptocurrency platforms CoinDCX and Delta Exchange as part of an investigation into alleged unauthorized cross-border transactions worth hundreds of millions of dollars. Officials describe the actions as part of a continuing probe into possible violations of foreign-exchange rules and anti-money-laundering provisions. The agency is seeking documents, devices, and other materials to establish the flow of funds and determine whether the exchanges facilitated cross-border transfers without proper approvals or disclosures to authorities. There were no immediate announcements of arrests, and neither platform has publicly commented in detail on the investigation. CoinDCX and Delta Exchange have previously faced regulatory scrutiny in India over compliance and trading operations, though the current case centers on cross-border activity. The ED's action underscores the government's broader push to tighten oversight of cryptocurrency services and cross-border crypto flows, including compliance with KYC/AML norms and foreign exchange laws. Outcomes of ED probes can take weeks to months, with investigators typically compiling transaction records, communications, and related materials to build a potential enforcement case.