India probes $585M crypto remittance scheme, names Binance and Bybit
- —Searches on 27 October covered four premises, three of them in Bengaluru
- —Alleged FEMA violations tied to RPFAS Technologies (Mudrex, Saber.money) total $538 million
- —Instadapp violations estimated at $40 million; founder allegedly ran the protocol from India
- —USDT was moved through exchanges outside banking channels, with Binance and Bybit named
Why it matters: The probe raises pressure on offshore exchanges and DeFi protocols in India and could lead to fresh fines and access blocks.
Source: Finance Magnates Crypto
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