India searches CoinDCX and Delta Exchange premises; both say services continue

India's Enforcement Directorate searched three Bengaluru premises linked to CoinDCX and Delta Exchange on 4–5 November, according to reports of its 6 November statement. The investigation concerns alleged unauthorised cross-border transactions.

Moneycontrol reports that the agency is examining cryptocurrency derivatives and tokenized foreign-stock trading under the Foreign Exchange Management Act. Investigators allege that rupee-funded activity was routed to overseas platforms through stablecoins and group-company accounts. These are allegations in an ongoing investigation, not court findings.

Business Today carried responses from both exchanges. CoinDCX said it cooperated, operates in compliance with applicable Indian law and continues trading, deposits and withdrawals. Delta Exchange India also said operations were uninterrupted and that user funds remained in Indian banks. Those are company assurances, not an independent audit of account balances.

The practical distinction is between an investigation into how trades and money moved across borders and a demonstrated interruption to customer access. The reports reviewed here do not establish a withdrawal freeze or customer losses. Transaction volumes cited by investigators should not be described as stolen funds.

The searches also underline why a platform's registration and the permission required for a particular product are different questions. Readers should keep the agency's allegations and the companies' responses separate while further findings remain pending.