India Cracks Down: 49 Crypto Exchanges Registered, Fined for AML Breaches

India has tightened crypto regulation, registering 49 exchanges with the FIU for the 2024–25 year. Platforms face strict AML rules, with non-compliance resulting in ₹2.8 billion in fines.

India has intensified regulation of the cryptocurrency sector, with 49 exchanges registering with the Financial Intelligence Unit (FIU) during the 2024–25 financial year. Of these, 45 are domestic and four are offshore platforms. The move is part of efforts to bring digital asset activity under stricter anti-money laundering (AML) and counter-terror financing controls, following repeated findings of crypto funds being used for scams, fraud, gambling, unaccounted transfers, and links to more serious crimes such as terror financing and child sexual abuse material. The FIU, acting as the sole supervisory authority, requires exchanges to submit Suspicious Transaction Reports, verify user identities, monitor transfers, and appoint compliance officers. Non-compliant platforms were fined a total of ₹2.8 billion. The regulatory framework aims to create a transparent and compliant crypto market, with ongoing risk assessments and sanctions screening for all registered platforms.