49 Crypto Exchanges Register with India’s FIU in 2024–25

Highlights:

• India registers 49 crypto exchanges under FIU rules to monitor suspicious transactions.
• The FIU report shows crypto funds are used in gambling, fraud, and illegal websites.
• Authorities say exchanges must follow strict rules, audits, and reporting to maintain accountability.

The Financial Intelligence Unit (FIU) of India confirmed that 49 cryptocurrency exchanges were registered under the anti-money laundering framework for the last fiscal year. Of these, 45 are in India, and four are offshore platforms.

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FIU Flags Crypto Risks and Enforces Exchange Compliance

The FIU report shows crypto is still used for criminal purposes. Funds have gone to gambling networks, fraud schemes, hawala transfers, and illegal adult websites. These cases show the risks of unregulated crypto in India.

Exchanges in India, called Virtual Digital Asset Service Providers, must submit Suspicious Transaction Reports. They also track token fundraising like IPOs, identify wallet owners, and monitor transfers between hosted and un-hosted addresses. Therefore, compliance requires active monitoring of all financial flows.

After registration, exchanges must disclose their banking partners, appoint compliance officers, conduct internal audits, and perform risk-based customer checks. They must also screen transactions for sanctions and send all reports to the FIU. These steps help prevent illegal activities and keep exchanges accountable. Sumit Gupta, CEO of CoinDCX, said, “ The crypto market in India is far more competitive than most people think. IMO, Healthy competition is good for the ecosystem as it promotes innovation.”

49 crypto exchanges are already FIU registered, and 100s more that are not.

The crypto market in India is far more competitive than most people think.

IMO, Healthy competition is good for the ecosystem as it promotes innovation💪 https://t.co/5BAS86eBEh

— Sumit Gupta (CoinDCX) (@smtgpt) January 6, 2026

India Tightens Rules to Keep Crypto Market Safe

During the past two years, authorities fined exchanges a total of ₹28 crore for not following anti-money laundering rules. The FIU also found regional hotspots and digital assets linked to illegal activity. This helps the government watch risks more closely.

The FIU’s data shows a growing gap between compliant exchanges and those operating outside India’s legal rules. Five major offshore exchanges, including Binance, Mudrex, and Coinbase, have registered and continue operating legally. In October last year, the FIU blocked 25 other offshore platforms, including BitMEX, LBank, and Phemex.

These platforms cannot serve Indian users until they follow registration and PMLA reporting rules. This action has directed most Indian retail trading to a few regulated exchanges. This year, the FIU plans to enforce regular risk assessments and sanctions screening. These steps make India one of the most strictly monitored markets for digital asset trading.

Crypto SIPs See Over 60% Growth in India

Systematic Investment Plans (SIPs) in cryptocurrencies have grown more than 60% year-on-year across major Indian exchanges last year. This rise shows many first-time retail investors are entering the digital asset market. Experts say maturing global markets and perceived easing of rules in key international regions are driving this renewed interest.

Platforms like CoinSwitch, CoinDCX, and Mudrex have all reported strong growth in their SIP offerings. CoinDCX had over 572,000 SIPs last year. This is a 600% increase since its SIP feature started. Mudrex saw SIP openings grow by over 220%. CoinSwitch reported a 59% rise in new SIPs for the year.

🚨 Indian retail participation surges in 2025 as crypto SIPs explode

📈 SIP growth on major exchanges:
• CoinDCX: ~600% jump, 572K+ new SIPs (avg ₹100/month)
• CoinSwitch: +59% growth in new SIPs
• Mudrex: +220% surge in SIP openings (avg ₹4K–₹6K/month)
• Bybit India:… pic.twitter.com/fu4pejMeVO

— Crypto India (@CryptooIndia) January 6, 2026

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