WirepolicyDextape brief
Binance Turns Up in India’s $500 Million-Plus Crypto Probe as a Route for Foreign Payouts
India's foreign-exchange enforcer says it searched four premises in Bengaluru and Madhya Pradesh on Oct. 27 over more than ₹5,000 crore in crypto transfers that it says crossed India's borders without authorization.
Dextape brief
India's Enforcement Directorate says a probe into over ₹5,000 crore in crypto transfers, about $527 million, uncovered foreign payouts sent through Binance and Bybit. The transfers allegedly left India without permission, though the agency makes no allegation against either exchange. Its Bengaluru office searched four properties on October 27, three in Bengaluru and one in Madhya Pradesh. The release names RPFAS Technologies, which runs Mudrex and Saber.money, with a preliminary estimate above ₹4,600 crore in violations, and DeFi protocol Instadapp, now largely operating as Fluid, with alleged breaches of about $40 million. A Mudrex representative said the company believes it complies with applicable law. No arrests, charges or seizures were announced, and neither exchange had publicly responded by Friday afternoon.
Why it matters: It shows Indian regulators are examining how major exchanges like Binance and Bybit are used for cross-border crypto transfers.
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