ED searches CoinDCX and Delta Exchange premises in Bengaluru over alleged FEMA crypto flows

India's Enforcement Directorate said its Bengaluru Zonal Office searched three premises linked to Neblio Technologies Private Limited, which operates CoinDCX, and Excelium Technologies Private Limited, which operates Delta Exchange, on 4 and 5 November 2026 under the Foreign Exchange Management Act, 1999. Moneycontrol, NDTV Profit and Inc42 each reported the agency's statement describing alleged unauthorised cross-border financial transactions involving cryptocurrency derivatives and Real World Asset tokens.

According to the ED accounts carried by those outlets, users deposited Indian rupees, funds were converted to USDT, and trades were executed through overseas exchanges such as Binance, KuCoin, Gate.io and Bybit, including routing via an account tied to a Costa Rica based entity the agency called a paper entity. The ED said volumes of such cross-border spot trading ran into thousands of crores of rupees and that CoinDCX also paid large fees to overseas venues in stablecoins. It alleged the platforms offered futures, options and tokenised foreign stocks without the authorisation required for those products.

Inc42 reported that Delta Exchange India said it is not involved in any cross-border transfer of virtual digital assets in any form, while coverage noted CoinDCX's public response was still limited at the time of those reports. The searches are an investigation step, not a final finding of guilt. For India's listed and unlisted crypto desks, the case puts FEMA compliance, offshore execution rails and tokenised stock products under sharper regulatory light just as CERT-In and banking supervisors also warn about AI-assisted payment API abuse.