India's crypto regulation framework took a major step forward in financial year 2024-25, as 49 cryptocurrency exchanges officially registered with the Financial Intelligence Unit of India (FIU-IND) under anti-money laundering laws. Out of these, 45 exchanges are India-based while 4 are offshore platforms. Major registered names include CoinDCX, WazirX, CoinSwitch, ZebPay, Mudrex, Unocoin, Giottus, Bitbns, BuyUcoin, and Flitpay. During 2024-25, FIU-IND charged ₹28 crore in penalties on cryptocurrency exchanges that failed to meet PMLA requirements. Binance was fined ₹18.82 crore in June 2024 for operating without registration, while Bybit Fintech Limited was fined ₹9.27 crore in January 2025.