Indian Enforcement Raids CoinDCX Over Claims Its Trades Ran Through Binance

India’s Enforcement Directorate searched three premises in Bengaluru tied to Neblio Technologies, parent of CoinDCX, and Excelium Technologies, which runs Delta Exchange India, between Nov. 4 and another date, alleging the exchanges routed users’ trades to offshore platforms including Binance and Bybit. The probe centers on whether Indian users’ orders were executed on foreign venues rather than domestically, a practice that could affect how trading volumes and liabilities are booked locally. CoinDCX is one of India’s largest exchanges by user base, and the scrutiny adds to a broader regulatory squeeze on offshore crypto access following the country’s tax and anti-money-laundering tightening. Watch for the ED’s findings on whether the routing was disclosed to users and regulators, and whether other Indian exchanges face similar inquiries.