Methodology · India

How the India tracker is built. Every source is official and read on every build where the site allows.

What This Tracker Is Not

India has no licensing regime for crypto platforms. FIU-IND registers VDA service providers as reporting entities for anti-money-laundering purposes and does not publish a register. The Minister of State for Finance told the Lok Sabha that FIU-IND has not published its list because “publishing a public list may create the impression that registered entities are licensed, approved, or endorsed by the government”, which “could mislead users into assuming regulatory protection or recourse in case of fraud or loss”. We show the list the government tabled in Parliament, on that basis only.

Sources

• Lok Sabha Unstarred Question No. 5805, answered on 30 March 2026 by the Minister of State in the Ministry of Finance: Annexure I (VDA SPs registered with FIU-IND as reporting entities as on 9 March 2026; * not operational or wound up per the entity's own submission; ** conditionally on-boarded) and Annexure II (VDA SPs whose apps and URLs FIU-IND directed to be taken down). Rows are read from the PDF's tables; numbering must run without gaps and the counts must equal the 54 and 53 stated in the answer.
• FIU-IND compliance orders: the four orders-in-original against VDA SPs, each checked by phrase (date, amount or warning).
• PIB, 28 December 2023 (show-cause notices to nine offshore VDA SPs) and PIB, 31 January 2025 (Bybit). PIB answers our automated crawler with HTTP 403, so its two releases are read from copies saved manually on 21 October 2026; the crawler is not disguised to get round the block.
• FIU-IND downloads: the VDA guidelines and registration circulars.

Source Hierarchy

1. official Parliament of India, FIU-IND, PIB.
2. company none used.
3. press · secondary none used.

Names and Labels

Each firm is shown under its trade name as listed (the legal name where no trade name is given); two Annexure I rows with the same trade name (Rario) form one page. Annexure II names are matched to Annexure I trade names letter for letter, ignoring case and punctuation; four match (Binance, KuCoin, Bybit, Coinbase). “Takedown directed (not on Annexure I)” means only that the name does not appear in Annexure I. The enforcement filter shows FIU-IND penalties and warnings, and otherwise whether the name is on the takedown list.

Limits

• The list is a snapshot as on 9 March 2026; registrations after that date are not shown. FIU-IND publishes no updates.
• The answer does not date the takedown directions or say whether any was later lifted.
• FIU-IND's orders page shows dates for the Bybit and Coinbase orders that differ from the dates printed in the orders; we use the dates in the orders.

Corrections

Write to press@vasptracker.com with the page and the source. Published corrections: none.