India Names Binance and Bybit Among Foreign Platforms in $585M Crypto Remittance Probe

India’s Enforcement Directorate (ED) is investigating alleged cryptocurrency-linked cross-border transactions worth around $585 million (₹5,000 crore).

The case involves Mudrex, Saber.money and decentralised finance protocol Instadapp.On 27 October, the agency searched four premises, including three in Bengaluru and one in Madhya Pradesh, under the Foreign Exchange Management Act.London's trading industry is coming home!The operation follows an earlier ED investigation into CoinSwitch Kuber.

In August 2022, the agency searched premises linked to the crypto exchange over suspected violations of India’s foreign exchange laws.Binance, Bybit Named in $538M India Crypto ProbeThe latest probe centres on RPFAS Technologies, which operates Mudrex and Saber.money.

The ED alleges that the company facilitated overseas transfers without authorisation from the Reserve Bank of India.Customers allegedly deposited fiat currency that was converted into stablecoins such as USDT and sold through crypto exchanges to transfer funds outside official banking channels.The agency also identified overseas entities in the US, Canada and Lithuania, and named Binance and Bybit among the foreign exchanges involved in the transactions under investigation.

Continue reading at the original source →