Tether USDt (USDT)

ICYMI: India's ED has launched a probe into alleged ₹2,500 crore crypto-related FEMA violations.

• Searches conducted at 6 locations in Bengaluru

• Around ₹6 crore in bank accounts restrained

• Firms under scrutiny include Transak, https://t.co/qX4IJs0D7i, Onmeta, Carret, and others

• ED alleges crypto was used for unauthorized cross-border remittances

• Stablecoins like USDT were reportedly used in the transactions

• Investigation is ongoing; no final liability has been established

One of the biggest crypto compliance probes in India so far.

🚨 INDIA JUST FIRED A WARNING SHOT AT CRYPTO 🇮🇳

The Enforcement Directorate has launched raids against 5 major crypto platforms over alleged FEMA violations linked to more than ₹2,500 crore ($290M+) in cross‑border transactions.

Platforms under scrutiny include:

↳ Transak
↳ Xpat (Remit2Any)
↳ https://t.co/BsgmvGSU6K
↳ Onmeta
↳ Carret

According to investigators, USDT and other crypto assets were allegedly used to move funds across borders outside RBI‑approved channels.

Key developments:

• Searches carried out across 6 locations in Bengaluru
• Around ₹6 crore in bank balances frozen so far
• Further investigations are ongoing

This isn’t just another enforcement action.

It’s one of the clearest signals yet that Indian authorities are tightening their grip on crypto payments, stablecoins, and cross border transfers.

The message is loud and clear

The era of regulatory gray zones may be coming to an end.

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