TITLE: India Targets 25 Crypto Exchanges Over Compliance Failures
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India’s Financial Watchdog Cracks Down on Offshore Crypto Platforms
India’s financial intelligence unit has launched a significant crackdown on 25 cryptocurrency exchanges operating in the country, targeting platforms that have failed to comply with anti-money laundering regulations. The Financial Intelligence Unit India (FIU-IND) issued formal notices to these exchanges, demanding immediate compliance with the country’s financial oversight requirements.
Major Exchanges Under Scrutiny
The list of affected platforms includes prominent names such as BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, and Poloniex. According to official statements from the Indian finance ministry, these exchanges have been operating without proper registration and have failed to meet their anti-money laundering obligations under Indian law.
The regulator has taken the additional step of ordering these platforms to remove their applications and websites from public access in India. However, initial checks indicate that many of these services remained accessible despite the government directive.
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Substantial Assets and Trading Volume Affected
The scale of this regulatory action becomes clear when examining the market impact. Data from CoinMarketCap reveals that 14 of the targeted exchanges collectively hold more than $9 billion in assets. These platforms recorded approximately $20 billion in trading volume within just the past 24 hours, highlighting the significant market presence of the affected exchanges.
India’s Evolving Crypto Regulatory Landscape
While India has yet to establish a comprehensive regulatory framework specifically for cryptocurrencies, the government took a crucial step in March 2023 by bringing virtual asset service providers under the scope of the Prevention of Money Laundering Act of 2002. This move made it mandatory for all crypto exchanges serving Indian users to register with FIU-IND and adhere to strict reporting and compliance requirements.
The finance ministry has confirmed that at least 50 cryptocurrency exchanges have successfully registered with India’s anti-money laundering watchdog to date. This regulatory action follows previous measures against major international platforms including Binance, Coinbase, KuCoin and OKX.
Market Response and Recent Developments
Several major exchanges have already adapted to India’s regulatory requirements. OKX chose to exit the Indian market entirely last year, while Binance, Coinbase and KuCoin have recently completed their registration processes with FIU-IND and have resumed operations in the country.
Binance successfully restarted its India operations in August 2024, and Coinbase re-entered the Indian market earlier this year. Coinbase has even launched an early-access program for Indian users who had previously signed up, though the exchange’s services are not yet fully operational across the country.
As this regulatory landscape continues to evolve, market participants are closely monitoring developments. For those seeking comprehensive coverage of India’s cryptocurrency regulatory environment, detailed reporting on these enforcement actions provides valuable context for understanding the government’s approach to digital asset oversight.
Multiple attempts to reach representatives from affected exchanges including BingX, LBank, CoinW, and ProBit Global for comment were unsuccessful at the time of reporting.