Crypto exchanges in India compared (FIU-registered)
Picking a crypto exchange in India in 2026 is less about flashy features and more about compliance. Since 2023, every exchange serving Indian users has to register with the Financial Intelligence Unit (FIU-IND) under the anti-money-laundering law. Offshore exchanges that ignored this were blocked and fined, and one of India's best-known local exchanges lost hundreds of millions of dollars in a 2024 hack. This guide explains why FIU registration matters, how to compare registered exchanges on fees, INR deposits and TDS handling, where offshore exchanges stand now, why P2P can get your bank account frozen, and a checklist for choosing safely.
This is general information, not investment advice, and we do not rank or endorse any exchange. Crypto prices can fall sharply. Always check the current FIU-IND list yourself before depositing money.
Why FIU-IND registration matters
In March 2023, India brought virtual digital asset (VDA) service providers under the Prevention of Money Laundering Act. Exchanges, wallet providers and custodians serving Indian users must register with FIU-IND, verify customers, keep records and report suspicious transactions. Registration does not mean the government guarantees your money, but an unregistered platform can be blocked overnight, and you would have little recourse. For the wider legal picture, read is crypto legal in India.
FIU-registered exchanges compared: fees, INR deposits, TDS
Domestic names that appear on the FIU-IND list include platforms such as CoinDCX, CoinSwitch, ZebPay, Mudrex and Giottus, and several global exchanges have since registered too. Compare them on the points that actually cost you money:
| What to compare | Why it matters |
|---|---|
| Trading fee (maker and taker) | Adds up quickly if you trade often |
| Instant buy spread | Often costs more than the stated fee |
| INR deposit methods | UPI, IMPS or NEFT availability and limits |
| INR withdrawal fee and time | Some charge a flat fee, some are free |
| Crypto withdrawal networks | Whether cheap networks like TON or TRC-20 are offered |
| TDS and tax reports | Whether 1% TDS is deducted correctly and statements are downloadable |
Every sale of crypto in India attracts 1% TDS above the threshold, and gains are taxed at a flat 30% with no loss set-off. Details: crypto tax in India. For a quick rupee reference, use the USDT to INR converter.
Binance and other offshore exchanges in India now
In December 2023, FIU-IND issued notices to several offshore exchanges, including Binance, for operating without registration, and their websites were blocked in early 2024. Binance later registered with FIU-IND and paid a penalty of about ₹18.8 crore in 2024; some other offshore platforms followed the same route. Before using any global exchange, confirm that it appears on the current FIU-IND list and that it handles TDS for Indian users. If it does not, you carry the compliance and tax burden yourself.
INR deposits vs P2P: risks to your bank account
Because some banks restrict UPI payments to exchanges, many users turn to P2P trading. The biggest risk is not the exchange but the money you receive. If a buyer pays you with funds stolen in a cyber fraud, the victim's complaint can lead police to freeze your bank account, sometimes for months. To reduce the risk, trade only with buyers whose bank name matches their verified profile, avoid third-party payments, and keep records of every trade.
Security lessons from 2024
In July 2024, WazirX lost around 230 million dollars in a hack of one of its multisignature wallets, and user withdrawals were frozen for a long period while a restructuring was worked out. The lesson: registration and popularity do not remove custody risk. Keep only what you trade on an exchange and move long-term holdings to a wallet you control. Our guide to crypto wallets explains the options.
How to choose an exchange and stay safe
- Check the FIU-IND registration list and match the company name, not just the app name.
- Download the app only from the official store link on the exchange website.
- Turn on app-based two-factor authentication and withdrawal address whitelisting.
- Start with a small deposit and test both a crypto and an INR withdrawal.
- Download your tax statements every year and keep them.
- Ignore Telegram and WhatsApp groups promising guaranteed returns from trading.
Learn crypto without depositing
TotalHash is a free mining game in Telegram. Tasks send small amounts of USD₮ and GRAM to your TON wallet, so you can practise receiving and sending crypto without putting money on an exchange. No income promises.
Free game in Telegram.
Open TotalHashFAQ
Which crypto exchanges are legal in India?
Exchanges registered with FIU-IND under the anti-money-laundering law; check the current list before depositing.
Is Binance banned in India?
Binance was blocked in early 2024, then registered with FIU-IND and paid a penalty; check its current status on the FIU list.
Do Indian exchanges deduct TDS?
Yes, 1% TDS applies to crypto sales above the threshold, and gains are taxed at 30%.
Is P2P crypto trading safe in India?
It carries a real risk of bank account freezes if you receive money from cyber fraud.