How India Revamped Its Crypto Industry in 2025: 49 Exchanges Registered, $3.1M in Fines Issued, Here's What's Next

India’s 2025 crypto crackdown saw 49 exchanges register with regulators and $3.1M in fines issued to non-compliant platforms. | Credit: Getty Images. Key Takeaways In 2025, 49 crypto exchanges registered with India’s FIU, including 45 local and four offshore platforms. The FIU imposed fines totaling approximately $3.1 million on non-compliant exchanges, with major penalties levied against platforms like Bybit. The overhaul cracked down on illicit activities, blocked unregistered offshore sites, and pav ...