27 Indian crypto exchanges come under the radar of the government
Cryptocurrency exchange: Cyber crime has become a big threat in the country today, now criminals are adopting a new method for financial laundering – cryptocurrency. This has been revealed from the data of Indian Cyber Crime Coordination Center (I4C) working under the Union Home Ministry (MHA). This data clearly shows how many domestic and foreign crypto exchanges have become a major way for cyber criminals to convert stolen money into digital assets and move it around the world.
According to a report by Indian Express, in the last 21 months (January 2024 to September 2025), at least 27 Indian crypto exchanges A fraud of about ₹ 623.63 crore has been committed by using. The number of common people who became victims of this fraud is 2,872. If you also trade on these platforms, then you need to be very careful.
Crypto exchanges become a new way to launder ‘dirty money’
this whole scam fake trading And investing starts through apps. Criminals lured innocent investors through these fake apps. When investors invested money, that money was immediately converted into cryptocurrency. After this, this crypto was rotated through many wallets. By doing this it becomes almost impossible for the investigating agencies to trace the real source of money. Officials believe that only a little has been known so far, in fact this network may be even deeper and vast.
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This is why I4C has handed over a complete list of these 27 exchanges to the enforcement agencies and the Financial Intelligence Unit (FIU) of the country. The report also shows that during this period, 769 people were defrauded of more than ₹25 crore by using foreign crypto platforms.
Big names are also in the list
- Indian crypto exchanges that are being investigated are: CoinDCX, WazirX, Giottus, Zebpay, Mudrex, CoinSwitch, Carret, Inocyx, Eclipton, Onramp, CoinDhan, Pi42, SunCrypto, Flitpay, KoinBX, Transak, Unocoin, AlpYne, ArthBit, CryptoShatabdi, Bytex, Onmeta, Stable Pay, Buyucoin, BitBNS, and Fantzar.
- Foreign exchanges/platforms that are on the radar: Binance, Crypto.com, Bybit, Onlychain (Vilnius), Ezipay (Mauritius), Mercuryo, Neteller.com, Bitget, Moonpay, Skrill.com, OnlyFans, and Banxa.
These exchanges also have popular names like CoinDCX, WazirX, Giottus, ZebPay, Mudrex and CoinSwitch. These platforms have said in their clarification that they only facilitate ‘legal trade’ and are not directly involved in any crime. They claim that despite stringent regulations like strong KYC (Know Your Customer) and AML (Anti Money Laundering), criminals sometimes misuse P2P (Peer-to-Peer) channels or external wallets.
Why is it difficult to stop crypto crime in India?
The rules and regulations are still not clear in India regarding cryptocurrency. The government is being very careful, because if it makes rules then it will be considered as a kind of approval of crypto. This could lead to more people investing in this highly volatile asset, which could pose a threat to the financial system.
Currently, the Finance Ministry is preparing a ‘discussion paper’ on cryptocurrencies, but these are only initial ideas, not a final policy. Due to this regulatory vacuum, investigating agencies are also facing difficulties. For example, they are having trouble deciding where to keep digital coins seized during investigations.
A top agency has temporarily kept the seized cryptocurrency worth about $4 million (about ₹ 33 crore) in safe custody with a private firm. Experts say that until clear and strict rules come from the government, be extremely careful at every step while investing in crypto. Do not fall prey to any fake investment app or attractive offer.