According to @simplykashif, 49 crypto exchanges registered with India’s Financial Intelligence Unit (FIU) in FY 2024-25, comprising 45 India-based platforms and 4 offshore entities (source: @simplykashif). The FIU imposed Rs 28 crore in fines on non-compliant exchanges over the same period, highlighting active anti-money-laundering enforcement (source: @simplykashif). Under India’s PMLA regime, FIU registration brings exchanges into formal AML reporting, including KYC and suspicious transaction reporting obligations that govern compliance expectations for virtual digital asset service providers (source: FIU India). For trading decisions, the rise in FIU-registered venues clarifies counterparty compliance status and delineates onshore versus offshore exchange options for order routing and INR access management (source: @simplykashif; FIU India).