FIU-IND and crypto exchanges in India

What registration is

Since 7 March 2023, any platform that lets Indian users swap crypto for rupees, swap between crypto, send crypto or hold it for them is a reporting entity under the Prevention of Money Laundering Act. That applies to offshore platforms too. Registration gives the platform anti-money-laundering duties.

What it is not

• Not a SEBI licence. SEBI does not register or supervise crypto exchanges today.
• Not insurance. India has no deposit protection for crypto. A registered exchange can still be hacked or fail.
• Not product approval. Registration does not approve any coin, futures product or Earn scheme.
• Not registration if only acknowledged. An application acknowledgement means pending, not registered.

KYC rules from 8 January 2026

FIU-IND's updated guidelines for crypto service providers mean a registered exchange should ask you for:

• PAN plus an accepted identity document (Aadhaar is one option, not the only one)
• A liveness check: a live selfie or video, not just a photo upload
• Proof that the bank account is in your name
• Location and contact checks, records of transfers, and periodic KYC

An app that lets you buy crypto with no identity checks at all is a warning sign.

Dated events we cite

1. 7 Mar 2023VDA service providers brought under PMLA as reporting entities
2. 8 Jan 2026FIU-IND AML/CFT guidelines for VDA service providers updated (PAN plus accepted ID, liveness, bank ownership checks)Source
3. 9 Sept 2026Ministry of Finance announced notices to 15 VDA service providersSource

Each is a dated government action, not proof of any provider's status on a later date.

How BrokerBazaar verifies

We do not publish a copy of the national register, and an exchange's own marketing never earns a "checked" label. Every exchange we track shows one of these states, with a check date and next review:

Official record checked

We matched the India legal entity to a dated official FIU-IND document or communication.

Provider published

The provider states its registration on its own compliance page. Dated, useful, not independent.

Awaiting evidence

Not yet matched to a document. This is not a finding that the exchange is unregistered.

Conflicting evidence

Sources disagree, and the profile says how.

Ratings and paid placement are kept separate and cannot change an evidence state.