As India tightens its grip on cryptocurrency regulation, major exchanges like Binance and Bitfinex are grappling with stringent compliance measures and penalties.

Binance, once a dominant player, faced a $2.25 million fine and service suspensions for KYC violations, highlighting the regulatory hurdles.

While some exchanges, like OKX, exited the market, others, such as Kucoin (CRYPTO:KCS), have adapted by becoming fully compliant.

Newcomers like Bitget are also striving to navigate India’s regulatory landscape to ensure compliance and avoid potential shutdowns, reflecting the sector’s evolving challenges.

Despite these obstacles, India’s approach aims to integrate cryptocurrencies responsibly, with tax measures and compliance requirements shaping the future of crypto in the country.