Every time an offshore exchange cut off Indian users
Since India brought crypto platforms under its anti-money-laundering framework in March 2023, offshore exchanges have had to register with FIU-IND. Those that did not were blocked: Binance was cut off in January 2024 and returned in August 2024, OKX left India entirely in 2024, and Bybit was blocked for roughly nine months before resuming in September 2025.
This is not an argument about which platform is better. It is a record of what has actually happened to Indian users of offshore exchanges, with dates, so you can decide how much continuity is worth to you.
The timeline
| When | What happened |
|---|---|
| March 2023 | Virtual digital asset service providers are brought under India's anti-money-laundering framework. Platforms serving Indian users must register with FIU-IND. |
| January 2024 | Offshore exchanges without FIU registration are blocked in India, Binance among them. |
| March 2024 | OKX ceases services in India and tells Indian users to close positions and withdraw funds. Reported by TechCrunch. |
| June 2024 | Binance pays a penalty of about ₹18.82 crore (roughly $2.25 million) for Prevention of Money Laundering Act violations. Reported by The Block. |
| August 2024 | Binance completes FIU-IND registration and resumes Indian operations. Reported by CoinDesk. |
| January 2025 | A further block on foreign exchanges lacking FIU registration cuts off deposits, trading and product access. Bybit is among those affected. |
| September 2025 | Bybit resumes full services in India after roughly nine months, following FIU registration and a fine of about $1 million. Reported by CoinDesk. |
| October 2025 onward | India's regulator issues notices to further offshore platforms; additional platforms are blocked. |
What the pattern actually costs a user
In each case the practical experience for an Indian user was the same: access changed with little warning, and the burden of reacting fell on them. Positions had to be closed. Funds had to be moved to a deadline. In OKX's case, Indian users were directed to withdraw entirely.
- Access can change faster than you can react. App-store removals and URL blocks take effect immediately.
- Deadlines are set by someone else. 'Withdraw by the 30th' is not a timeline you negotiate.
- Your INR leg is the fragile part. Crypto moves on-chain regardless; getting rupees in and out is what breaks.
The reasonable conclusion
Not 'never use a global exchange' — they offer depth and product range no single-market platform matches. The conclusion is narrower and duller: do not let one platform be the only route between your crypto and your bank account. Keep the rupee leg somewhere built for, and accountable in, the market you actually live in.
And whichever platform you use, test the exit before you need it — why that matters.
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Open a FastXP2P accountFrequently asked questions
Which crypto exchanges are FIU-registered in India?
India's FIU has registered a growing list of both domestic and offshore platforms since the 2023 anti-money-laundering rules took effect. Because the list changes, check FIU-IND's own published register rather than a third-party article.
Is Binance banned in India?
No, not currently. Binance was blocked in January 2024, paid a penalty of about $2.25 million in June 2024, completed FIU-IND registration, and resumed Indian operations in August 2024.
Did OKX leave India?
Yes. OKX ceased services in India in 2024 after not registering with FIU-IND, and directed Indian users to close positions and withdraw funds.
Is Bybit available in India?
Yes. Bybit was blocked in January 2025, registered with FIU-IND, paid a fine of about $1 million, and resumed full services in India in September 2025.
- FIU
- regulation
- continuity risk