This marks another step in the Indian government’s push to bring offshore exchanges under its legal framework and strengthen investor protection.
Why the Crackdown?
According to reports:
Offshore platforms were flagged for non-registration with FIU-IND as reporting entities.
These exchanges must implement KYC, track transactions, submit audits, and report suspicious activity under PMLA rules.
Non-compliance could lead to penalties, fines, or even blocking of access to their websites/apps in India.
Which Exchanges Are Affected?
The FIU’s notice includes some well-known international platforms:
- Huione
- BC.game
- Paxful
- Changelly
- CEX.IO
- LBank
- Youhodler
- Phemex
- AscendEx
- ZooMex
- CoinCola
- Coin
- LCX
- Probit Global
- BTSE
- HIT BTC
- LocalCoinSwap
- Bitrue
- BingX
- PrimeXBT
- BTCC
- CoinEx
- Remitano
- Poloniex
- BitMex
What It Means for Indian Users
For Indian crypto traders and investors:
✅ Service Disruptions Possible – If these exchanges don’t comply, they may face website/app bans or restrictions.
✅ Tighter KYC Rules Ahead – Users will likely need stricter verification to continue using compliant platforms.
✅ Safer Market in the Long Run – The move is aimed at reducing fraud, money laundering, and ensuring investor security.
The FIU-IND’s action highlights India’s stronger regulatory stance on crypto in 2025. Offshore exchanges must now play by the rules or risk losing access to millions of Indian users.
If you’re trading in India, it’s smart to:
Stick to platforms registered with FIU-IND
Watch for compliance updates
Always secure your funds in trusted crypto wallets