ED examines offshore crypto trading linked to Indian rupees

India’s Enforcement Directorate has searched CoinDCX and Delta Exchange as part of an inquiry into the use of Indian rupees for overseas trading positions linked to Bitcoin or Tesla, according to Crypto.news. The report says Indian traders could use rupees to open those positions, but does not provide evidence that the activity was unlawful or identify any accused party. The agency is seeking information about who placed the corresponding trades outside India, how the positions were funded and whether CoinDCX and Delta Exchange complied with India’s foreign-exchange rules. Crypto.news did not report a monetary threshold, list of entities or alleged rule violations, leaving the scope of individual cases unclear. This is the only supplied outlet coverage of the searches, so there is no independent corroboration or competing account to compare. The reported focus is regulatory compliance around the movement of funds and the use of offshore exchanges, rather than Bitcoin’s underlying technology or market performance. The wider crypto market was flat at a $2.61 trillion total capitalisation as of the supplied snapshot. Bitcoin was priced at $75,836, down 0.14% over 24 hours and 2.90% over seven days, while the Fear & Greed index stood at 28, indicating fear. The market data does not establish any link between Bitcoin’s performance and the ED action; what to watch is whether further details emerge about the transactions, funding arrangements and applicable foreign-exchange rules.