The Enforcement Directorate alleged that decentralized finance protocol Instadapp engaged in Foreign Exchange Management Act contraventions involving approximately $40 million, or about ₹380 crore.

Financial services rebuilt as onchain protocols, offering lending, trading, derivatives and yield without traditional intermediaries.

Lawsuits, settlements and criminal cases brought by regulators and prosecutors against crypto firms and individuals.

How rules written for financial intermediaries apply to protocols that claim to have none, from KYC and AML obligations to front-end and developer liability.