Binance Turns Up in India’s $500 Million-Plus Crypto Probe as a Route for Foreign Payouts

India’s Enforcement Directorate (ED) says a probe into more than ₹5,000 crore of crypto transfers, about $527 million at Friday’s exchange rate, found foreign payouts made through platforms including Binance and Bybit . The agency, which polices India’s foreign-exchange and money-laundering laws, says the transfers crossed the border without authorization. The ED’s Bengaluru office searched four premises , three in Bengaluru and one in Madhya Pradesh, on Oct. 27 , according to a press release the agency attached to its X post on Oct. 29. According to the post, the probe turned up “shell entities in tax haven countries,” “massive OTC deals” and “illegal foreign payouts via platforms like Binance and Bybit.” The ED makes no allegation against either exchange.

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