The Enforcement Directorate alleged that customers deposited money into company bank accounts to purchase virtual digital assets, particularly USDT, which were sold on Indian crypto exchanges to pay recipients.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

The venues where digital assets trade, from Coinbase and Binance to decentralized protocols, with their listings, licenses, custody and failures.

Digital assets that run on blockchains rather than banks, from Bitcoin and Ethereum to thousands of smaller tokens.