India's ED Searches Mudrex and Instadapp Over Alleged FEMA Violations
- —Searches took place in Bengaluru and Madhya Pradesh
- —One case involves transactions exceeding ₹4,600 crore
- —The other involves about $40 million via Instadapp/Fluid
- —Shell entities and OTC trades on Binance and Bybit are cited
Why it matters: India is tightening scrutiny of crypto platforms, and the case could set a precedent for anyone using USDT or USDC for cross-border payments.
Source: Coin Edition