Recently, the Indian Finance Minister, In the Financial Intelligence Unit (FIU-IND), created a crackdown on offshore cryptocurrency platforms (25). Such sites were instructed to be closed down because they were not in compliance with anti-money laundering (AML) regulations and other statutory compliance in accordance with Indian law. The crackdown highlights the increased regulatory concern of the crypto industry in India to provide secure and legal operations to Indian customers.
The following is the list of these 25 cryptocurrency exchanges that will be targeted to be taken down, including some of the key information about each exchange:
| S. No. | Crypto Platform | Key Details | Compliance Status |
| 1 | Huione | Offshore exchange, large user base | Non-compliant |
| 2 | BingX | Popular with crypto derivatives | Non-compliant |
| 3 | LBank | High-volume offshore trading | Non-compliant |
| 4 | CoinW | Offers spot and futures trading | Non-compliant |
| 5 | ProBit Global | International platform with multiple assets | Non-compliant |
| 6 | Paxful | Peer-to-peer crypto marketplace | Non-compliant |
| 7 | CEX.IO | Established cryptocurrency exchange | Non-compliant |
| 8 | Coinex | Provides varied crypto assets | Non-compliant |
| 9 | BitMex | Futures and margin trading focus | Non-compliant |
| 10 | BTCC | One of the oldest crypto exchanges | Non-compliant |
| 11 | AscendEX | Global platform with derivatives | Non-compliant |
| 12 | Zoomex | Rapidly growing exchange | Non-compliant |
| 13 | Poloniex | Popular for altcoin trading | Non-compliant |
| 14 | CoinCola | P2P trading platform | Non-compliant |
| 15 | Bitrue | Offers lending and staking services | Non-compliant |
| 16 | Remitano | Focuses on P2P trading | Non-compliant |
| 17 | CoinDCX | Indian-origin platform (issues with offshore ties) | Non-compliant |
| 18 | Kraken | Large US-based exchange, fined for compliance failures | Non-compliant |
| 19 | Binance | World’s largest exchange, fined and regulated | Partially compliant, fined |
| 20 | KuCoin | High-volume offshore exchange | Non-compliant |
| 21 | Coinbase | US-based major exchange | Partially compliant, registered |
| 22 | OKX | Global crypto exchange | Non-compliant |
| 23 | Bybit | Derivatives and futures platform | Non-compliant |
| 24 | MEXC | International platform | Non-compliant |
| 25 | Bitstamp | Oldest European exchange | Non-compliant |
What This Means for Indian Crypto Users
The decision of the Indian Finance Ministry to remove these platforms reflects a more stringent regulatory framework orientated to money laundering prevention and enhanced accountability in the cryptocurrency domain. Although there are platforms, such as Binance, Coinbase, and Kraken, which have since acted to become compliant and resume their operations, many other platforms are blocked or under examination.
Traders and investors of cryptocurrency in India are recommended to be cautious and only trade on registered and compliant platforms to avoid legal problems and to be able to secure their investments.
This regulatory measure is a major step in the direction of the regulation of cryptocurrencies in India to have a safer and more transparent ecosystem of virtual assets.
In the future, India is proceeding to have a more balanced and organised way of regulating cryptocurrencies. The government is going to incorporate international standards like the Crypto-Asset Reporting Framework (CARF) to guarantee better tax transparency and international compliance. At the same time, the introduction of the RBI-supported digital rupee is supposed to offer a state-sponsored, official, and official alternative to privately issued cryptocurrencies.
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