Why CoinDCX, Delta Exchange have drawn ED's scrutiny for offering Futures, tokenised US stocks
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Enforcement Directorate is investigating CoinDCX, Delta Exchange, Mudrex, and Saber Money for alleged FEMA violations.
- ✓Between November 4 and 5, the agency started probes into unauthorised cross-border transactions involving stablecoins and tokenised US stocks.
- ✓"Preliminary findings revealed contravention of FEMA through unauthorised cross-border money transfer," the ED said.
Story at a Glance
- Category
- Indian Markets
- Reported By
- MoneyControl
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
In the past few weeks the Enforcement Directorate (ED) has been actively investigating major Indian crypto exchanges and investment platforms including CoinDCX, Delta Exchange, Mudrex and Saber Money alleging them of violating Foreign Exchange Management Act (FEMA), 1999, citing unauthorised cross-border financial transactions through stablecoins. Stablecoins or USDT in these cases are crypto tokens whose valuation is pegged to US dollar. What were the allegations? Between November 4 and 5, ED initiated investigation following information about alleged large-scale FEMA violations by Neblio Technologies Private Limited, which operates CoinDCX, and Excelium Technologies Private Limited, which operates Delta Exchange.
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