India’s Enforcement Directorate has searched three premises in Bengaluru linked to crypto exchanges CoinDCX and Delta Exchange, alleging the platforms carried out unauthorized cross-border transactions worth hundreds of millions of dollars through crypto derivatives and tokenized assets.

The searches were carried out on November 4 and 5 under India’s Foreign Exchange Management Act (FEMA), the agency, India’s main financial crimes investigator, said in a statement dated November 6, which it shared on X on Thursday.

The investigation targets Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which runs Delta Exchange. Both platforms offered futures and options on crypto tokens and openly…