India's Financial Intelligence Unit (FIU) has sent a request to at least three major crypto exchanges, asking them to share data on over-the-counter (OTC) transactions exceeding $10,000. This move is part of India's efforts to tighten anti-money laundering (AML) regulations in the cryptocurrency space.
The FIU wants beneficial ownership information for private companies, intermediaries, and entities involved in these large OTC deals. Exchanges have been instructed to preserve records of such transactions from January 2026 onwards.
This directive focuses on large private trades that don't go through public exchange order books, which can make it harder to track ownership when private companies or intermediaries are involved. The FIU's request is an extension of India's broader push to bring crypto platforms under AML rules.
The latest development comes after the FIU issued new guidance in January requiring tougher know-your-customer (KYC) checks for crypto users, including live selfie checks and geolocation tracking during onboarding. This move aimed to strengthen user onboarding and account monitoring processes.