India Tightens Crypto Oversight: 49 Exchanges Registered, Unregistered Ones Grow

bitcoinistPubblicato 2026-01-07Pubblicato ultima volta 2026-01-07

Introduzione

The Indian government is tightening cryptocurrency oversight, with 49 exchanges registering with the Financial Intelligence Unit (FIU) in FY 2024-25. These platforms must now comply with anti-money laundering regulations, including filing suspicious transaction reports and disclosing beneficiary details. Authorities imposed fines of approximately $3.1 million on non-compliant platforms and blocked around 25 offshore exchanges for failing to register. The measures aim to combat illicit activities such as money laundering, terror financing, and fraud. Users should expect stricter KYC checks and potential disruptions if using unregistered platforms.

The Indian government continues to take stricter steps to regulate cryptocurrency transactions, with many platforms coming under tougher regulation to combat money laundering and other illicit practices using cryptocurrencies.

As reported by official sources, nearly 50 cryptocurrency exchanges registered themselves with India’s Financial Intelligence Unit in the 2024-25 fiscal year, out of which 45 are in India and four are abroad.

Exchanges Register With FIU

The registrations make the exchanges reporting entities under the Prevention of Money Laundering Act. They are now required to file Suspicious Transaction Reports, identify wallet beneficiaries, and disclose bank accounts and platform contact details to the FIU. These steps aim to make it easier for authorities to trace large or unusual flows of funds.

Regulatory Action And Penalties

Last year saw concrete enforcement. Regulators imposed fines totaling about ₹28 crore on non-compliant platforms during FY 2024–25, a figure that media reports have translated to roughly $3.1 million. At the same time, the FIU issued notices and ordered blocks against a group of offshore platforms that had failed to register or meet anti-money-laundering obligations.

Authorities say the move followed strategic analysis of Suspicious Transaction Reports that flagged patterns of misuse. Reported red flags included hawala-style transfers, gambling and fraud schemes, instances tied to darknet services, and links to terror financing and child sexual abuse material. Those findings helped shape the decision to escalate oversight and enforcement.

Total crypto market cap currently at $3.18 trillion. Chart: TradingView

Offshore Platforms Targeted

The FIU sent notices to and ordered the takedown of access for a list of about 25 offshore exchanges that were serving Indian users without registering. Several mainstream news outlets and legal newsletters named platforms such as BitMEX, LBank, Paxful, CEX.IO and others among those targeted. These actions used powers under the Prevention of Money-Laundering Act and the Information Technology Act to block apps and web access in India.

For traders and savers, the drift is clear: expect stricter KYC checks and closer monitoring of transfers between wallets and bank accounts. Registered exchanges will likely have more compliance steps and reporting duties. That can mean extra paperwork and, in some cases, higher costs as platforms absorb compliance expenses. At the same time, users who rely on unregistered overseas platforms risk losing access if those services are blocked domestically.

Featured image from Unsplash, chart from TradingView

Domande pertinenti

QHow many cryptocurrency exchanges registered with India's Financial Intelligence Unit in the 2024-25 fiscal year, and how many of these are based in India?

A49 cryptocurrency exchanges registered with India's Financial Intelligence Unit in the 2024-25 fiscal year, out of which 45 are based in India and 4 are based abroad.

QWhat are the key compliance requirements for FIU-registered crypto exchanges in India under the Prevention of Money Laundering Act?

AFIU-registered crypto exchanges are required to file Suspicious Transaction Reports, identify wallet beneficiaries, and disclose bank accounts and platform contact details to the FIU.

QWhat was the total amount of fines imposed on non-compliant crypto platforms in India during FY 2024-25, and what is its approximate value in US dollars?

ARegulators imposed fines totaling about ₹28 crore on non-compliant platforms during FY 2024-25, which is roughly equivalent to $3.1 million.

QWhat types of illicit activities were flagged in the Suspicious Transaction Reports that led to increased oversight?

AThe Suspicious Transaction Reports flagged patterns of misuse including hawala-style transfers, gambling and fraud schemes, instances tied to darknet services, and links to terror financing and child sexual abuse material.

QWhat action did the FIU take against offshore cryptocurrency exchanges that were serving Indian users without registering?

AThe FIU sent notices to and ordered the takedown of access for about 25 offshore exchanges that were serving Indian users without registering, using powers under the Prevention of Money-Laundering Act and the Information Technology Act to block their apps and web access in India.

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