Crypto Exchange Compliance Checker
Check Exchange Compliance Status
Verify if a crypto exchange is compliant with FIU-IND regulations in India as of October 2025.
Indiaâs crypto scene looks totally different today because the government cracked down on a bunch of foreign exchanges. If youâve ever wondered which platforms you canât use any longer, youâre in the right place. This guide breaks down the banned exchanges, explains why they got blocked, and shows where Indian traders are moving instead.
Why India Went After Crypto Exchanges
Back in 2018 the Reserve Bank of India (RBI) issued a circular that stopped banks from dealing with virtual currencies. That move didnât ban crypto itself, but it made it hard for any exchange that didnât have a solid compliance plan to operate. The real gameâchanger arrived in early 2024 when the Financial Intelligence UnitâIndia (FIUâIND the agency that monitors moneyâlaundering risks and enforces cryptoâexchange registration) announced that every crypto platform serving Indian users had to register with it. If you missed the deadline, the FIUâIND blocked your website and cut off banking access.
What "Banned" Really Means
When we say an exchange is banned, weâre talking about two things:
- Technical blocking of the website or app by Indian ISPs.
- Banking restrictions that prevent INR deposits or withdrawals.
NonâFIUâregistered platforms also risk investigations by the Enforcement Directorate (ED) for possible moneyâlaundering. In short, a banned exchange canât legally accept Indian customers, and users often lose access to their funds until they move to a compliant platform.
Banned International Exchanges (as of October 2025)
| Exchange | Ban Reason | Current Status |
|---|---|---|
| Binance | Failed FIUâIND registration | Blocked; pending compliance |
| KuCoin | Missing AML/KYC standards | Blocked; no announced roadmap |
| Coinbase | Did not file registration paperwork | Blocked; exploring compliance |
| Bybit | Penalty for nonâcompliance (âš 12 million) | Blocked; under appeal |
| Crypto.com | Insufficient dataâretention policy | Blocked; awaiting FIU review |
These bans hit traders hard, but the market quickly shifted to homeâgrown platforms that had already completed FIU registration.
Top FIUâCompliant Indian Exchanges
Here are the platforms that are currently legal and thriving:
- CoinDCX Indiaâs largest exchange by trading volume, known for a wide range of crypto pairs
- WazirX A Binanceâbacked platform with a strong focus on Indian users
- ZebPay One of the oldest Indian exchanges, offering a simple mobile app
- Mudrex Focuses on cryptoâfunds and portfolio management for Indian investors
- Unocoin Provides cryptoâsaving plans and INRâlinked wallets
These platforms not only meet FIUâIND rules but also offer INR deposits, tax reporting tools, and local customer support. Thatâs why CoinDCX saw a 2,000 % deposit surge after the bans.
How the Bans Changed User Behaviour
When the FIUâIND started blocking foreign sites, Indian traders didnât just sit idle. Data from early 2024 shows:
- CoinDCXâs user base grew by more than 10,000 % in six months.
- Mudrex onboarded over 10,000 new users in the first two weeks after the crackdown.
- CoinSwitch and BuyUcoin offered cashâback bonuses to lure users away from banned platforms.
In practice, youâll notice that most Indian crypto forums now talk about âswitching to a compliant exchangeâ rather than debating which foreign site is best. The migration is the biggest regulatoryâdriven shift in Indiaâs crypto history.
Legal and Tax Implications
Even if you canât use a banned exchange, the Indian tax law still applies to any crypto gains. The government imposes a flat 31.2 % tax on profits, and penalties for underâreporting can reach 60 % under Section 158BA(7). The good news? FIUâregistered exchanges automatically generate taxâready statements, so you donât have to scrape data yourself.
Nonâcompliant platforms often donât give you proper transaction summaries, which means youâll have to calculate capital gains manually-a risky and timeâconsuming task.
What Happens If You Keep Using a Banned Exchange?
Technically, you can still access a blocked site via VPN, but you face several downsides:
- Banking issues: Indian banks will refuse INR transfers, leaving you stuck with foreign fiat or crypto only.
- No legal recourse: If the exchange freezes your account, Indian authorities are unlikely to intervene.
- Tax headaches: Youâll need to selfâreport every trade, increasing the chance of errors.
In short, the safest route is to move to a FIUâcompliant platform as soon as possible.
Steps to Migrate Safely from a Banned Exchange
- Open an account on a FIUâregistered exchange (e.g., CoinDCX).
- Complete KYC - youâll need a PAN card, Aadhaar, and a selfie.
- Transfer your crypto to the new platformâs wallet address (use the âdepositâ function).
- Withdraw any remaining INR from the old exchange to your bank via a thirdâparty service, if possible.
- Delete the old app and disable any saved payment methods.
Following these steps ensures you stay on the right side of the law and keep your funds accessible.
Future Outlook: Will More Exchanges Be Banned?
The FIUâIND says it will keep monitoring foreign platforms for compliance. The February 1 2025 amendment (Section 285BAA) makes it clear that any exchange registering later will have its past trades exposed to Indian authorities. That means even if an exchange finally registers, it could still face retroactive scrutiny.
Watch for announcements from the FIUâIND and stay updated on the compliance status of any platform you consider. If a new exchange promises âno registration needed,â treat it with caution.
Quick Checklist for Indian Crypto Traders
- Verify the exchange is listed on the FIUâIND registration portal.
- Check that the platform offers INR deposits/withdrawals.
- Make sure you get monthly tax reports from the exchange.
- Stay away from VPNâonly access - itâs a red flag for nonâcompliance.
- Keep copies of all KYC documents for future audits.
Which crypto exchanges are currently banned in India?
As of October 2025, Binance, KuCoin, Coinbase, Bybit, and Crypto.com are blocked because they have not completed FIUâIND registration.
Can I still trade on a banned exchange using a VPN?
Technically you can, but youâll face banking blocks, no legal protection, and taxâreporting complications. Itâs far safer to switch to a compliant platform.
What are the top FIUâregistered exchanges for Indian users?
CoinDCX, WazirX, ZebPay, Mudrex, and Unocoin are currently registered, support INR, and provide taxâready statements.
How does the 31.2 % crypto tax affect me?
All crypto gains are taxed at a flat 31.2 % with no setâoffs. Using a FIUâregistered exchange gives you a readyâmade tax report, making filing much easier.
What should I do if I already have funds on a banned exchange?
Create an account on a compliant exchange, complete KYC, then withdraw crypto to the new wallet address. If INR withdrawal isnât possible, consider using a peerâtoâpeer swap or a trusted OTC service.
20 Comments
Kevin Johnston
This is lit đ Crypto in India just went full anime mode.
Paul Lyman
Honestly? I switched to CoinDCX last week and itâs been smooth as butter. No more VPN drama, and the tax reports auto-generate. Life changed.
Also, ZebPayâs app is stupid simple. Even my grandma uses it.
Derajanique Mckinney
why do ppl still trade crypto? like⌠its just digital gambling with extra steps đ
Sheetal Tolambe
I was scared to move my coins after the ban, but the CoinDCX support team walked me through it step by step. Seriously, they even called me on WhatsApp. Thatâs care.
Also, the INR deposits hit my account in under 3 mins. Never going back.
Pranav Shimpi
People donât realize how dangerous it is to use unregistered platforms. I had a friend who lost 4.5 lakhs on KuCoin after they froze withdrawals. No recourse. No refund. Just silence.
FIUâs rules arenât oppressive-theyâre protective. If youâre still using Binance via VPN, youâre not a rebel. Youâre a walking target for scammers.
gurmukh bhambra
This whole thing is a scam. The government doesnât want us to be rich. They want us to be poor and obedient. Binance was better. They didnât ask for Aadhaar. They didnât track us. Now weâre all just data points in some bureaucratâs spreadsheet.
Sunny Kashyap
India is winning. Foreign apps come here, take our money, give us nothing back. Now we have our own. CoinDCX is Indian. ZebPay is Indian. We support our own. Thatâs patriotism.
Kirsten McCallum
The 31.2% tax is confiscatory. This isnât regulation-itâs extraction. And now youâre forced to use state-approved platforms? Thatâs not freedom. Thatâs digital serfdom.
Olav Hans-Ols
Iâm from the US and honestly, Iâm kinda jealous. You guys have a clear, enforceable rule. Here, itâs a Wild West mess-some states ban crypto, others encourage it, the IRS sends confusing letters, and nobody knows whatâs legal.
Indiaâs approach is brutal, but at least you know where you stand. No guessing games. No legal gray zones. Just rules. And people are adapting. Thatâs impressive.
Will Barnwell
You say CoinDCX has 2000% growth? Thatâs statistically impossible unless theyâre inflating numbers. Also, WazirX is owned by Binance. So this whole "Indian alternative" thing is a joke. Itâs just rebranded foreign control.
Frech Patz
Can anyone confirm if the FIU-IND registration portal is publicly accessible? Iâd like to verify the status of a platform Iâm considering. I donât trust third-party lists.
Henry GĂłmez Lascarro
Letâs be real. This isnât about money laundering. Itâs about control. The government wants to know every single transaction you make. They want to see your portfolio. They want to tax you before you even touch your gains. And now theyâre forcing you to use platforms that hand over your data like a Christmas list to Santa.
They call it "compliance." I call it surveillance capitalism with an Indian accent. The moment you submit your Aadhaar, youâve surrendered your financial privacy. And youâre proud of it? Youâre not a trader-youâre a data point in a state-run ledger.
Dr. Monica Ellis-Blied
I find it deeply concerning that the narrative here has been framed as "India is winning" or "patriotism." This isnât nationalism-itâs authoritarianism disguised as regulation. The erosion of financial autonomy under the guise of "protecting users" is a dangerous precedent. When governments dictate which financial tools you may use, they are not protecting you-they are controlling you.
Furthermore, the claim that FIU-registered platforms "automatically generate tax reports" is misleading. These platforms are required to report to the government. Your privacy is not preserved-it is institutionalized. And letâs not forget: the tax rate of 31.2% is punitive, not progressive. It penalizes small traders disproportionately. This is not economic policy. It is extraction with a bureaucratic smile.
Herbert Ruiz
You say CoinDCX has tax reports? So does Binance. The difference is Binance doesnât require your biometrics. Also, 2000% growth? Thatâs not growth-thatâs panic migration. People are fleeing, not choosing.
jummy santh
As a Nigerian, I find this fascinating. In Nigeria, we fight to use Binance because our banks block everything. Here, you ban them to protect your people. Two continents, opposite problems, same goal: financial sovereignty.
But I must say-your tax rate is brutal. 31.2%? In Nigeria, we pay 10% on capital gains, and we still have more crypto users than you. Maybe regulation should be about inclusion, not restriction.
Anna Mitchell
I just moved my portfolio to Unocoin yesterday. The interface is so clean, and the customer service actually replied within an hour. I didnât think Iâd feel this good about crypto again after the chaos. Thank you for this guide.
Lawrence rajini
Bro just use Mudrex if you wanna automate your portfolio đ they have AI rebalancing and tax stuff built in. Iâm literally sleeping while my crypto grows. No stress. No VPNs. Just chill. đ
Rosanna Gulisano
You people are fools for trusting any government platform. You think they care about your taxes? They care about control. Youâre just feeding the machine.
james mason
I used to think India was behind on crypto. Now I realize theyâre ahead. You donât need 100 exchanges. You need one clean, regulated ecosystem. Binance was never meant for retail users-it was a casino for hedge funds. India just cleaned up the table. Classy.
Saurav Deshpande
They say "FIU-registered" but nobody asks whoâs behind FIU. Who funds them? Who audits them? What if the government changes hands next year and suddenly your "safe" exchange is flagged as "non-compliant"? This isnât regulation. Itâs a slow-motion nationalization of your assets. Youâre not trading crypto-youâre trusting a state-owned bank with a blockchain logo.