Coinbase, the global cryptocurrency exchange, has resumed operations in India after obtaining registration and approval from the Financial Intelligence Unit (FIU).
The move follows the FIU’s release of a new blacklist of foreign exchanges, coming nearly two years after its first such list. Nearly three years after halting services, the exchange has restarted operations in India, citing progress on regulatory compliance.
The exchange formally registered with the FIU earlier this year under anti-money laundering laws. Its relaunch has brought back retail services, with consumers noting restored access to trading features and early notifications.
On October 1, India’s FIU issued notices to 25 offshore crypto exchanges for non-compliance with AML obligations under the PMLA.
The regulator requires these platforms to register, enforce KYC standards, keep records, and report unusual activity. If they fail, the IT Ministry may restrict access to their services in India.
The list covers both large and smaller players, including Paxful, PrimeXBT, BitMex, CoinEx, HitBTC, CEX.IO, and Poloniex.
The government has also cautioned investors about the inherent risks and lack of regulation surrounding crypto products and NFTs.
While 50 providers have registered with FIU-IND, the identification of non-compliant entities highlights the ongoing enforcement push across both offshore and domestic digital asset platforms.
Is India changing its stance on crypto and related products?
India’s stance on crypto in October 2025 suggests it is becoming firmer and more enforcement-oriented, though not fully embracing crypto as mainstream financial infrastructure.
The government is pushing for greater regulatory oversight, especially under the Prevention of Money Laundering Act (PMLA). The FIU-IND has issued show-cause notices to 25 offshore crypto exchanges for non-compliance, demanding registration, KYC, transactional record-keeping, and threatening IT-based takedowns of apps and websites.
At the same time, authorities have made clear that crypto products and NFTs remain largely unregulated and risky for consumers. India has permitted some exchanges to register with FIU-IND and comply with AML/CTF rules, reflecting a pathway for legitimacy.