Indian cryptocurrency platforms are facing simultaneous security and regulatory pressure after Unocoin remained inaccessible following a November 9 security incident, and India’s Enforcement Directorate searched premises linked to CoinDCX and Delta Exchange over alleged foreign exchange violations.
Unocoin outage and wallet questions. Unocoin temporarily disabled user logins after discovering unauthorized access to its servers on November 9. The exchange said no customer funds were lost, but by November 12 its website was returning a Cloudflare 504 Gateway Time-out error. Blockchain analytics platform Arkham Intelligence showed zero holdings across roughly 81,000 addresses associated with Unocoin, prompting concerns from Onchain Lens. Unocoin had not released further updates or a timeline as of November 12, and crypto.news reported it had not responded to requests for comment.
Enforcement Directorate searches. India’s financial crimes agency searched three premises in Bengaluru linked to Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which runs Delta Exchange, on November 4 and 5 under the Foreign Exchange Management Act. The agency alleged CoinDCX converted users’ rupees into USDT and executed matching positions on Binance, KuCoin, Bybit and Gate.io through a Costa Rica-based shell entity. It said cross-border transactions ran to hundreds of millions of dollars, and that tokenized stock trades were actually derivatives on Hyperliquid. Delta Exchange allegedly transferred tens of millions of dollars to overseas group entities.
Exchange responses. CoinDCX called the visit a routine enquiry and said it complies with Indian laws, including FEMA, and remains fully operational. Delta Exchange said it does not involve cross-border transfer of virtual digital assets and operates a rupee-settled exchange for Indian users.
The developments add to a difficult period for Indian exchanges. Last month CoinDCX confirmed a $16 million loss from retired wallets, following a roughly $44 million exploit in July 2025. In July 2024, WazirX lost more than $230 million in one of India’s largest reported crypto thefts.
