# ED searches CoinDCX, Delta Exchange over cross-border crypto deals 2026-11-06T20:41:30+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Enforcement Directorate (ED) conducted searches on 4 and 5 November at three premises linked to Neblio Technologies Pvt. Ltd., which operates CoinDCX, and Excelium Technologies Pvt. Ltd., the operator of Delta Exchange India, under FEMA 1999. The searches are related to alleged large-scale unauthorised cross-border financial transactions involving crypto token derivatives and real-world asset tokens. The Hindu Business Line reports that Neblio described the ED visit as a routine enquiry and said it fully cooperated, adding that as an entity registered with FIU-IND it regularly assists law enforcement agencies. NDTV Profit, however, reports that the ED alleged transactions worth thousands of crores of rupees were routed through overseas crypto exchanges including Binance, KuCoin, Gate.io and Bybit using stablecoins such as USDT, and that the agency is also examining possible violations of the SCRA, 1956, SEBI Act, 1992 and RBI Act, 1934. NDTV Profit further reports that the ED alleged CoinDCX converted customer rupee deposits into USDT, transferred funds through a Costa Rica-based paper entity, and paid hundreds of crores in transaction fees to foreign exchanges, while Delta Exchange India routed a substantial portion of its trades through CoinDCX. ## Indian Opinion Analysis The Hindu Business Line leads with the company's framing of a routine enquiry and cooperation, omitting the ED's allegations of large-scale violations and specific transaction methods. NDTV Profit foregrounds the ED's detailed allegations of routing thousands of crores through overseas exchanges, stablecoin transfers, and a Costa Rica-based paper entity, while omitting the company's statement. The two reports present the same event from opposite ends: one from the company's assurance, the other from the agency's accusations. A balanced reading notes the ED's detailed claims but also that no charges have been proven, the agency is examining possible violations of multiple financial laws. ## Coverage Coverage: 2 sources, 2 neutral - thehindubusinessline.com (neutral report) Leads with company's routine enquiry framing, omits ED allegations - ndtvprofit.com (neutral report) Leads with ED allegations, details transaction methods, omits company response This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Tags: Binance, CoinDCX, Delta Exchange, Enforcement Directorate, FEMA, Neblio Technologies Canonical: https://indianopinion.org/ed-searches-coindcx-delta-exchange-over-cross-border-crypto-deals/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/ed-searches-coindcx-delta-exchange-over-cross-border-crypto-deals/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/