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India 's financial watchdog has issued notices to 25 offshore cryptocurrency exchanges for operating without proper registration.
Author: Sahil Thakur
4th October 2025 – India’s financial watchdog has issued notices to 25 offshore cryptocurrency exchanges for operating without proper registration, accusing them of violating anti-money laundering (AML) obligations. The Financial Intelligence Unit India (FIU-IND) has also directed these platforms to take down their websites and apps in the country.
Together, 14 of the 25 named exchanges hold more than $9 billion in assets. In just 24 hours, these platforms saw over $20 billion in trading volume, based on CoinMarketCap data.
Despite the order, CEX.IO said it hasn’t changed anything for its Indian users yet. “We’re reviewing the notice and preparing a response,” said Mark Taylor, Head of Financial Crime at CEX.IO. He added that the company is exploring registration options to stay compliant.
Taylor also urged Indian users to monitor official communications. He noted that future updates could affect access, payments, or app availability.
The other exchanges, including BingX and LBank, did not respond to media inquiries.
India still lacks a dedicated crypto regulatory framework. However, in March 2023, the government brought virtual asset service providers under the Prevention of Money Laundering Act (PMLA). This move made it mandatory for exchanges serving Indian users to register with the FIU and follow AML protocols.
So far, at least 50 platforms have registered with the FIU. The agency has previously cracked down on Binance, Coinbase, KuCoin, and OKX. Of these, only OKX exited the Indian market. The others complied and resumed operations.
Binance restarted Indian operations in August 2024. Coinbase returned earlier in 2025 and recently launched an early-access program for pre-registered Indian users.
The finance ministry made one thing clear: these rules apply even to offshore entities. As long as an exchange serves Indian users, it must comply with Indian laws—physical presence is not required.
Meanwhile, the FIU continues to monitor and enforce its rules. The crackdown sends a strong message: serving Indian users comes with responsibilities, regardless of jurisdiction.
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