India Investigates $585M Crypto Remittance Case, Targets Binance and Bybit
India's Enforcement Directorate probes unauthorized cross-border crypto transactions worth ₹5,000 crore, involving major exchanges.
India's Enforcement Directorate probes unauthorized cross-border crypto transactions worth ₹5,000 crore, involving major exchanges. This is an original Token Times brief based on reporting by Finance Magnates, with live market data added, as of Sat, 31 Oct 2026 02:15:01 UTC.
This investigation highlights the Indian government's continued scrutiny of crypto platforms and their compliance with foreign exchange regulations, potentially impacting the operations of major exchanges in the country.
- India's ED searches four premises over unauthorized $585M crypto transfers.
- Binance and Bybit are among the platforms named in the investigation.
- The probe follows earlier ED actions against CoinSwitch Kuber.
- Market remains flat amid ongoing regulatory scrutiny in India.
India's Enforcement Directorate (ED) has launched an investigation into alleged unauthorized cryptocurrency-linked cross-border transactions worth approximately $585 million (₹5,000 crore). The probe, which involves platforms such as Mudrex, Saber.money, and decentralised finance protocol Instadapp, follows searches conducted on four premises in Bengaluru and Madhya Pradesh on October 27.
The ED alleges that RPFAS Technologies, which operates Mudrex and Saber.money, facilitated these overseas transfers without the necessary authorization from the Reserve Bank of India. This investigation is part of a broader crackdown on crypto platforms and their compliance with India's foreign exchange laws.
The latest probe comes after the ED's earlier investigation into CoinSwitch Kuber in August 2022, which also involved searches over suspected violations of foreign exchange regulations. The involvement of major exchanges like Binance and Bybit in the current investigation underscores the regulatory challenges faced by crypto platforms operating in India.
The Indian government's scrutiny of crypto platforms is part of a global trend of increased regulatory oversight in the cryptocurrency sector. This investigation is likely to further impact the operations of crypto exchanges in India and may lead to stricter compliance requirements.
In the broader market context, the total cryptocurrency market cap stands at $2.68 trillion, with the overall market remaining relatively flat. 
Bitcoin has seen a modest 24-hour increase of 0.70%, while the Fear & Greed index remains at 30, indicating a 'Fear' sentiment among investors.
India Investigates $585M Crypto Remittance Case, Targets Bin — questions & answers
What is the value of the crypto transfers under investigation?
The Enforcement Directorate is investigating crypto transfers worth approximately $585 million (₹5,000 crore).
Which platforms are named in the investigation?
The investigation involves platforms such as Mudrex, Saber.money, Instadapp, Binance, and Bybit.
What is the Indian government's stance on crypto?
The Indian government continues to scrutinize crypto platforms for compliance with foreign exchange regulations, reflecting a cautious approach to cryptocurrency.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Finance Magnates. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.