Key takeaways
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15 international crypto exchanges have filed registration with the Indian FIU.
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7 exchanges have been approved, while the status of the others remains uncertain.
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The FIU also listed 25 platforms still operational without registration.
For years, the Indian crypto landscape has been a paradox: one of largest markets in the world by adoptionand yet one of the most difficult places to operate for global trade.
This reality changed in 2023 when New Delhi quietly rewrote the rules of the game.
By amending the Prevention of Money Laundering Act (PMLA), regulators have made it mandatory for any crypto exchange serving Indian users, whether based in Mumbai or Malta, to register with the Financial Intelligence Unit-India (FIU-IND).
The message was clear: respect Indian rules or get out.
In a few weeks, giants like Binance, KuCoin, Krakenand Bitfinex have had their apps blocked, their URLs shut down, and their users left in a mess.
The “gray market” era of operating in India without oversight was over.
Fast forward to 2025, and the picture looks different.
Total 15 international exchanges have now been filed with the FIU, swallow fines and go through audits to gain a foothold in India.
Among them, seven have completely overcome the obstacle, including Binance, KuCoin, Coinbaseand Bybit, while others remain under review.
A few, like OKX and Bittrex, decided the fight wasn’t worth it.
Registration is not just paperwork.
This means integrating full INR payment rails, enforce KYC/AML standards, and reporting transactions under India’s 1% TDS tax regime.
In return, the platforms gain legitimacy in a market where retail demand is booming.
Compliance is not cheap. Between 2023 and 2024, the FIU has imposed almost $15 million in fines on unregistered exchanges, of which approximately $3 million has already been collected.
The sanctions were occasional, but the operating costs are high: annual audits, 18% GST on fees and constant monitoring from regulators who are not afraid to pull the plug.
Yet for exchanges like Coinbase, which officially relaunched operations in October 2025, the opportunity outweighs the burden.
With India leading the Chainalysis Adoption Index two years in a row, global companies see the country as too big – and too young – a market to ignore.
Today, the approved list reads like a who’s who of global crypto:
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Binance (August 2024) – leader with 500+ tokens and low-cost P2P INR transactions.
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KuCoin (March 2024) – offering India’s largest menu with over 700 tokens.
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Coinbase (March 2025) – aim for trust with a clean and user-friendly platform.
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Bybit (February 2025) – aimed at derivatives traders with leverage up to 100x.
