Analysis
India Ordered Takedowns of 53 Offshore Crypto Platforms. Four of Them Are Also on the Registered List
FIU-IND's takedown list as tabled in Parliament, matched against the list of registered VDA service providers.
The short version: FIU-IND has directed the takedown of apps and URLs of 53 VDA service providers found to be operating illegally in India without complying with the PMLA, the government told the Lok Sabha on 30 Mar 2026 (Lok Sabha USQ 5805). Four of the names, Binance, KuCoin, Bybit, Coinbase, also appear among the 54 registered VDA SPs as on 9 March 2026. The other 49, including OKX, Kraken, Crypto.Com, Gemini, Bitget, Gate.io, MEXC Global, do not.
How It Started
On 28 December 2023 FIU-IND served compliance show-cause notices on nine offshore VDA SPs, Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, and asked the IT ministry to block their URLs. The obligation “is activity-based and is not contingent on physical presence in India” (PIB). Of the nine, 2 (Binance and KuCoin) are on the March 2026 list of registered VDA SPs.
The List
| No. | Offshore VDA SP | Registered as on 9 March 2026 | Notice of 28 Dec 2023 |
|---|---|---|---|
| 1 | Binance | Yes | Yes |
| 2 | Kucoin | Yes | Yes |
| 3 | Huobi | No | Yes |
| 4 | Kraken | No | Yes |
| 5 | Gate.io | No | Yes |
| 6 | Bittrex | No | Yes |
| 7 | Bitstamp | No | Yes |
| 8 | MEXC Global | No | Yes |
| 9 | Bitfinex | No | Yes |
| 10 | OKX | No | |
| 11 | P2PX | No | |
| 12 | CoinpayX | No | |
| 13 | Bybit | Yes | |
| 14 | Bitget | No | |
| 15 | Bitmart | No | |
| 16 | Bitgo | No | |
| 17 | Coinbase | Yes | |
| 18 | Gemini | No | |
| 19 | Noones | No | |
| 20 | Baazcoin | No | |
| 21 | Crypto.Com | No | |
| 22 | Moonpay | No | |
| 23 | Mercuryo | No | |
| 24 | Neteller | No | |
| 25 | Skrill | No | |
| 26 | Onlychain | No | |
| 27 | P2p.me | No | |
| 28 | Huione | No | |
| 29 | BC.game | No | |
| 30 | Paxful | No | |
| 31 | Changelly | No | |
| 32 | CEX.IO | No | |
| 33 | LBank | No | |
| 34 | Youhodler | No | |
| 35 | BingX | No | |
| 36 | PrimeXBT | No | |
| 37 | BTCC | No | |
| 38 | Coinex | No | |
| 39 | Remitano | No | |
| 40 | Poloniex | No | |
| 41 | BitMex | No | |
| 42 | Bitrue | No | |
| 43 | LCX | No | |
| 44 | Probit Global | No | |
| 45 | BTSE | No | |
| 46 | HIT BTC | No | |
| 47 | LocalCoinSwap | No | |
| 48 | AscendEx | No | |
| 49 | Phemex | No | |
| 50 | ZooMex | No | |
| 51 | CoinCola | No | |
| 52 | CoinW | No | |
| 53 | Beldex | No |
The answer does not date the takedown directions or say whether any was later lifted. A name on both annexures means only that: the answer does not explain it. Names as in Annexure II.
Sources
- Lok Sabha USQ 5805, 30 March 2026 sansad.in
- PIB, 28 December 2023 www.pib.gov.in