India Investigates $585M Crypto Remittance Case, Targets Binance and Bybit
India's Enforcement Directorate probes $585M in unauthorized crypto transfers, raiding multiple premises linked to Mudrex, Saber.money, and Instadapp.
India's Enforcement Directorate probes $585M in unauthorized crypto transfers, raiding multiple premises linked to Mudrex, Saber.money, and Instadapp. This is an original TLT brief based on reporting by Finance Magnates, with live market data added, as of Sat, 31 Oct 2026 03:00:05 UTC.
This investigation highlights India's ongoing scrutiny of crypto platforms for potential foreign exchange violations, with major global exchanges like Binance and Bybit now implicated. It underscores the regulatory challenges facing crypto firms operating in India and the broader implications for cross-border crypto transactions.
- India's ED investigates $585M in unauthorized crypto remittances
- Raids conducted at four locations in Bengaluru and Madhya Pradesh
- Mudrex, Saber.money, and Instadapp among the platforms targeted
- Binance and Bybit implicated in the probe
India's Enforcement Directorate (ED) has launched an investigation into $585 million worth of alleged unauthorized cryptocurrency-linked cross-border transactions. The probe, which involves multiple crypto platforms, follows searches conducted on October 27 at four locations in Bengaluru and Madhya Pradesh under the Foreign Exchange Management Act.
The investigation centers on RPFAS Technologies, which operates the Mudrex and Saber.money platforms. The ED alleges that the company facilitated overseas transfers without proper authorization from the Reserve Bank of India. Instadapp, a decentralized finance protocol, is also reportedly involved in the case.
This development comes after the ED's previous investigation into CoinSwitch Kuber in August 2022, where premises linked to the crypto exchange were searched over suspected violations of India's foreign exchange laws. The latest probe further implicates major global exchanges, with Binance and Bybit being named in connection to the case.
The Indian government's scrutiny of crypto platforms has been intensifying, reflecting a broader trend of regulatory tightening in the country. This investigation underscores the challenges faced by crypto firms operating in India, particularly regarding compliance with foreign exchange regulations and anti-money laundering measures.
In the broader market context, the total crypto market cap stands at $2.68 trillion, with 
Bitcoin showing a modest 24-hour gain of 0.70%. The overall market remains relatively flat, and the Fear & Greed Index is at 30, indicating a 'Fear' sentiment among investors. The implications of this investigation for the Indian crypto market and the global crypto landscape will be closely watched in the coming weeks.
India Investigates $585M Crypto Remittance Case, Targets Bin — questions & answers
What is the value of the crypto transactions under investigation?
The Enforcement Directorate is investigating around $585 million in alleged unauthorized crypto remittances.
Which platforms are being investigated?
Mudrex, Saber.money, and Instadapp are among the platforms targeted in the investigation.
What is the significance of Binance and Bybit's involvement?
Binance and Bybit's involvement highlights the global nature of the investigation and the potential regulatory challenges for major crypto exchanges operating in India.
Which outlets reported this story?
This is an original TLT 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 TLT 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.