What crypto exchanges are banned in India
India hasn't banned crypto-but it has blocked foreign exchanges that won't register with FIU-IND. Learn which platforms are banned, which are legal, and what happens if you use the wrong one.
When you hear Binance India, the Indian arm of the world’s largest crypto exchange that stopped operations in 2023 after failing to meet local registration rules. Also known as Binance IN, it was once the go-to platform for millions of Indian traders before it vanished overnight. This wasn’t just a business decision—it was a legal shutdown. India’s Financial Intelligence Unit (FIU-IND) requires all crypto exchanges to register and follow strict KYC and AML rules. Binance chose not to comply, and by August 2023, it blocked Indian users from depositing or withdrawing funds. No warning. No transition. Just silence.
But here’s what most people miss: India didn’t ban crypto, it banned unregistered exchanges. Also known as crypto trading without compliance, the country still allows citizens to buy, sell, and hold digital assets—just not through platforms that ignore the law. That’s why exchanges like CoinDCX, WazirX, and ZebPay are still running. They registered with FIU-IND, added Indian bank integrations, and started reporting transactions. If you’re still looking for a way to trade in India, you’re not out of luck—you just need to pick a platform that’s playing by the rules.
The fallout from Binance India’s exit hit hard. Thousands lost access to their funds overnight. Others switched to peer-to-peer (P2P) trading on platforms like LocalBitcoins or Paxful, using UPI or bank transfers to buy Bitcoin directly from individuals. But P2P comes with risks: scams, chargebacks, and no customer support. That’s why the smart move now is to stick with registered exchanges that offer real protection, even if their fees are a bit higher. You’re not just paying for trading—you’re paying for legal safety.
What about the future? India’s crypto rules are still evolving. The government is working on a formal regulatory framework, and more exchanges are applying for FIU-IND registration every month. If you’re holding crypto in India, your best move is to keep it on a registered platform, track regulatory updates, and avoid anything that sounds too good to be true—like unregulated apps promising high returns with no KYC.
Below, you’ll find real reviews and breakdowns of the exchanges that survived the crackdown, the ones that got shut down, and the hidden risks most traders overlook. No fluff. Just what you need to know to trade safely in India today.
India hasn't banned crypto-but it has blocked foreign exchanges that won't register with FIU-IND. Learn which platforms are banned, which are legal, and what happens if you use the wrong one.
