Which Crypto Exchanges can INDIANS now use after Government crackdown?

Share IT

In a significant move to regulate the rapidly growing cryptocurrency sector, India’s Financial Intelligence Unit (FIU) has issued show cause notices to nine offshore Virtual Digital Assets (VDA) service providers or crypto exchanges for alleged violations of the Prevention of Money Laundering Act (PMLA) of 2002. The targeted firms, including prominent platforms like Kucoin, Huobi, and Kraken, are located in Seychelles, Cayman Islands, and Switzerland. The FIU emphasizes that compliance with the law is tied to the nature of the activity, not physical presence in India. 

If you’re living under the rock mates, here’s some context, just kidding though, since many of you might not know about this or maybe new to this, so I thought I should help hehe 🙂

Despite the mandate in March for cryptocurrency businesses to register with the FIU and adhere to PMLA processes, some offshore entities, serving a significant portion of Indian users, have failed to comply, prompting regulatory action. The move reflects India’s commitment to bringing cryptocurrency activities under regulatory frameworks to prevent money laundering and ensure financial transaction security, marking a notable development in the evolving landscape of cryptocurrency regulations in the country. Read More >>

Why is India blocking top CRYPTOCURRENCY EXCHANGES?

India has taken unprecedented steps against major cryptocurrency exchanges, including Binance, Kraken, KuCoin, and others. The Financial Intelligence Unit (FIU) has issued notices to these platforms, instructing the information ministry to block access to their websites. This move is part of a broader crackdown on exchanges that are suspected of operating illegally within the country. Despite the significant increase in cryptocurrency trading volumes in India over recent years, the government is determined to uphold regulations that necessitate Know Your Customer (KYC) verification and adherence to anti-money laundering laws. The crackdown serves as a clear signal to foreign-based exchanges that have not formally registered in India, and the government aims to set a precedent for others in the industry.

The Indian government’s actions align with its influential role in leading the G20 to endorse the Crypto-Asset Reporting Framework (CARF) in September 2023, which mandates standardized reporting of crypto transactions to prevent tax evasion. Furthermore, India has updated the Common Reporting Standard (CRS) to enhance tax transparency. Despite the absence of comprehensive crypto legislation comparable to the European Union’s MiCa rules, India is taking measured steps to regulate the sector, with the possibility of introducing a bill in 2025. The crackdown on major exchanges highlights India’s commitment to enforcing regulations and ensuring compliance in the dynamic and rapidly evolving cryptocurrency landscape.

Why Is India Blocking Top Cryptocurrency Exchanges?

Why do Indians need to look out for a NEW and RELIABLE Cryptocurrency Exchange?

Indians may need to explore alternative and reliable cryptocurrency exchanges due to recent regulatory actions taken by the Indian government. The Financial Intelligence Unit (FIU) has issued notices to major cryptocurrency exchanges, including Binance, Kraken, KuCoin, and others, signaling a crackdown on platforms allegedly operating illegally in the country. As a result, the government is tightening regulations, emphasizing the need for exchanges to comply with Know Your Customer (KYC) verification and anti-money laundering laws.

These regulatory interventions could impact the accessibility of popular offshore exchanges, making it crucial for Indian users to consider platforms that are in compliance with Indian regulations. Seeking a new and reliable cryptocurrency exchange that aligns with the evolving legal landscape in India becomes essential. Users may prioritize platforms that prioritize security, transparency, and adherence to regulatory requirements to ensure the safety of their investments and transactions.

It’s important for Indian cryptocurrency enthusiasts to stay informed about regulatory developments and choose exchanges that proactively address compliance measures. As the cryptocurrency landscape continues to evolve, finding a reliable exchange that meets both regulatory standards and user preferences becomes imperative for a seamless and secure trading experience.

Also Read ➤ ➤ 16 Best Paid and FREE Crypto Trading Bots

Why Do Indians Need To Look Out For A New And Reliable Cryptocurrency Exchange?

The Main Agenda – Which exchanges now Indians can use after Government crackdown

Which Crypto Exchanges Can Indians Now Use After Government Crackdown?



BingX, a crypto social trading network established in Singapore in 2018, distinguishes itself by offering a range of features to crypto traders. The platform provides over 30 crypto trading pairs with USDT or BTC as collateral, allowing users to engage in instant crypto trading with just one click through the ‘Exchange’ option. BingX stands out by facilitating connections between users and elite traders, enabling the discovery of innovative investing strategies. Notably, it is among the few derivatives platforms that provide automatic copy trading, allowing users to follow and replicate the strategies of successful traders.

The platform boasts an advanced trading platform accessible through both mobile and desktop devices, featuring a modern and user-friendly interface. BingX integrates TradingView charts with overlays, indicators, and various chatting tools for comprehensive market analysis. Additionally, the platform offers a demo trading feature, crediting new accounts with 100,000 VSD tokens, allowing users to practice trading without making actual deposits. 

The demo trading option is valuable for users to familiarize themselves with leverage trading and the platform’s functionalities. BingX’s versatility extends to traditional markets, enabling users to speculate on the price movements of commodities, forex, and indices. While specific details about the platform’s security measures are not extensively provided, BingX offers a mobile application known for its ease of use and intuitive interface, making it accessible to traders. Read More ➤ ➤



BYDFI, formerly known as Bityard, is a cryptocurrency exchange that has been operational since 2014 and is based in Singapore. With over 500,000 users, BYDFI offers a comprehensive range of features, including spot trading, CFD trading, and copy trading. The platform supports various popular cryptocurrencies such as Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH), providing users with diverse trading options.

BYDFI has established partnerships with well-known companies like Paxful and Banxa, expanding its trading options for users. The exchange operates under the regulation of prominent authorities in Singapore, the USA, and Estonia, reinforcing its credibility. Users can benefit from a referral program, charging 40% of the trading fee as affiliates. Additionally, for spot commission, affiliates can charge 30% of the trading fee.

The platform places a strong emphasis on security, offering 2-factor authentication, cold and hot wallet storage systems, and other protective measures for customer assets. Despite some limitations in withdrawal options, BYDFI supports highly leveraged trading, allowing traders to maximize their profits. The exchange’s user-friendly interface, coupled with fast processing, makes it accessible to both novice and experienced traders. BYDFI also provides a demo account for users to familiarize themselves with the platform’s features before engaging in actual trading. With support for fiat currencies from over 150 countries, BYDFI aims to cater to a diverse range of traders worldwide. Read More ➤ ➤



Pionex is a cryptocurrency exchange that stands out for its in-built crypto trading bots, offering nine different automated trading tools within the platform. Designed with a focus on user-friendliness, Pionex caters to both beginners and experienced traders. One notable feature is the provision of free bots, while the exchange’s trading fees are among the lowest, standing at only 0.05% for both makers and takers.

The platform offers various trading bots, each serving a specific purpose. These include the Infinity Grids Bot, Leveraged Grid Bot, Margin Grid Bot, Reverse Grid Bot, Leveraged Reverse Grid Bot, DCA Bot (Dollar-Cost Averaging), Trailing Take Profit Bot, and TWAP Bot. Each bot is tailored for different trading strategies, allowing users to choose based on their preferences and risk tolerance. Pionex is also regulated in Singapore and the United States, providing users with a sense of security and trust in their trading activities.

The exchange emphasizes a mobile-first approach, offering a mobile app for users who prefer trading on the go. While the website’s UI/UX updates may be slightly delayed compared to the mobile app, Pionex’s commitment to a seamless trading experience is evident. Overall, Pionex positions itself as an ideal choice for crypto traders who value the convenience of in-built automated trading bots, low fees, and regulatory compliance. Read More ➤ ➤



PrimeXBT is a cryptocurrency exchange and margin trading platform established in 2018, boasting over 200,000 registered users. Offering a wide range of assets, including cryptocurrencies, indices, commodities, and forex, traders can leverage up to 100x, enhancing profit potential but also increasing risk exposure. The platform is designed to cater to both beginners and experienced traders with its user-friendly interface and various technical analysis tools.

Unique features set PrimeXBT apart, such as the Covesting module, allowing users to emulate the trades of successful traders and earn a share of their profits. The platform also provides a yield account feature, enabling users to earn interest on their cryptocurrency holdings. PrimeXBT’s refer and earn scheme incentivizes users to bring new clients to the platform, offering up to 70% profit share and $1200 per referred client. The exchange is well-regulated, holding registration with the FCA in the UK and membership in the Crypto Valley Association in Switzerland, ensuring credibility and security.

PrimeXBT’s appeal lies in its diverse market offerings, robust tools, and regulatory compliance, making it an attractive option for those seeking a comprehensive and secure trading experience in the cryptocurrency market. Read More ➤ ➤



BitMart is a global cryptocurrency exchange providing a user-friendly trading platform accessible on Android and iOS devices. The mobile application offers a seamless and intuitive experience akin to the desktop version, enabling traders to engage in cryptocurrency trading and monitor market performance on the go. The platform prioritizes security, employing advanced risk control systems, hybrid cold/hot wallet setups with multi-signature technologies, and additional security measures such as Google authentication app, email/SMS authentication, and more to safeguard user accounts. Read More ➤ ➤

With support for 800+ trading pairs and 750+ high-quality currencies, BitMart serves as a comprehensive platform for cryptocurrency investment and management. Users can purchase cryptocurrencies using credit cards and debit cards, and the exchange boasts an extensive range of supported currencies, including popular ones like Dash, Bitcoin, Ethereum, Tether, and more. BitMart’s commitment to user engagement is evident through its 24/7 customer support, referral programs offering up to 30%, and an affiliate program that allows users to earn crypto rewards and interest by bringing in new traders. 

BitMart’s global presence spans 180+ countries, with over 9,000,000 customers, and the platform’s vision is to make cryptocurrency accessible to everyone worldwide. The professional team behind BitMart includes members from renowned tech firms like Accenture, Amazon, Alibaba, and Tencent, ensuring a cost-efficient and user-friendly financial platform for a global audience. Read More ➤ ➤



XT.com, established in 2018 and headquartered in Hong Kong, stands out as the world’s first social-infused exchange. With more than 2 million registered users globally and 7 million within the XT ecosystem, XT.com provides a versatile range of services, including spot trading, OTC trading, exchange trading, margin trading, and more. The platform boasts over 100 high-quality cryptocurrencies and approximately 300 trading pairs, making it a comprehensive hub for crypto enthusiasts.

One notable feature is XT.com’s introduction of interest-free margin trading, coupled with the lowest service fees, setting it apart from other exchanges. The platform’s diversified trading categories encompass spot trading, OTC trading for digital asset exchange between users, margin trading with varying leverage options, and contract trading where parties engage in predetermined futures contracts. 

Additionally, XT.com offers ETF trading to amplify returns on underlying tokens. With a focus on user security, XT.com implements a three-private-key security structure, Bitcoin Vault for added asset protection, and features a community trading model for more transparent business connections.

The platform supports a wide array of cryptocurrencies, including popular ones like Bitcoin, Ethereum, Cardano, Tether, and Chainlink. XT.com’s commitment to security is evident in its high-performance matching engine, financial security measures, and a community-oriented approach. Users can access the platform via the mobile app, facilitating on-the-go trading for a seamless experience. While offering a multitude of benefits, XT.com currently lacks study guides or training programs for users. Nevertheless, the platform distinguishes itself through its diverse offerings, lack of deposit fees, and accessible customer support channels, including live chat and support forums. Read More ➤ ➤

Maintaining a WEBSITE? Do Check ➤ ➤
BEST Website Performance Testing Tools and Services | TEST NOW!
Top 50+ Best Content Marketing Tools and Apps 2023
Top 10 Website Heatmaps & Behavior Analytics Tools
20 Best SEO Tools | Level UP your GAME NOW! 2023


In light of the recent government crackdown on major cryptocurrency exchanges in India, the landscape for Indian crypto enthusiasts is undergoing significant changes. The regulatory actions, including show cause notices to offshore Virtual Digital Assets (VDA) service providers, exemplify India’s commitment to bringing cryptocurrency activities under regulatory frameworks to combat money laundering and enhance financial transaction security.

In response to these developments, Indian users are now exploring alternative and reliable cryptocurrency exchanges that align with the evolving legal landscape in the country. Several platforms have emerged as potential options for Indian traders, each offering unique features and services.

BingX, a crypto social trading network based in Singapore, stands out for its diverse features, including over 30 crypto trading pairs, automatic copy trading, and an advanced trading platform. BYDFI, formerly known as Bityard, presents a comprehensive range of services, including spot trading, CFD trading, and copy trading, with a strong emphasis on security and regulatory compliance. 

Official Notice

Pionex, with its in-built crypto trading bots and low trading fees, appeals to both beginners and experienced traders, ensuring a seamless and secure trading experience. PrimeXBT offers a wide range of assets, including cryptocurrencies, indices, commodities, and forex, with unique features like the Covesting module and a yield account. 

BitMart, a global cryptocurrency exchange, provides a user-friendly platform with advanced security measures and a wide array of supported currencies. XT.com, recognized as the world’s first social-infused exchange, introduces interest-free margin trading and a diverse range of trading categories, emphasizing security and community-oriented connections.

As Indian users navigate through these alternatives, the importance of staying informed about regulatory developments, choosing exchanges that proactively address compliance measures, and prioritizing security becomes crucial for a seamless and secure trading experience. The evolving cryptocurrency landscape in India necessitates a careful selection of platforms that align with both regulatory standards and user preferences.

Share IT
Aniruddh Chaturvedi
Aniruddh Chaturvedi

A typical college student who explores~

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!