India bans privacy coins like Monero and Zcash to fight money laundering
India's Financial Intelligence Unit (FIU-IND) has instructed reporting entities to refrain from permitting deposits or withdrawals of privacy-focused cryptocurrencies such as Monero and Zcash.
The Financial Intelligence Unit (FIU-IND) says these coins make it too easy to hide transactions, which could help with money laundering or terror funding.
Now, all 49 registered crypto platforms must follow strict new rules announced on January 8, 2026.
Why does it matter?
If you use crypto in India, expect tougher checks—think PAN verification, live selfies, OTP-linked contact info, and geolocation tracking.
High-risk users from tax havens or flagged countries will face even more scrutiny.
Some offshore exchanges have previously faced blocks and notices (including actions against Binance in recent years), while Indian platforms are tightening up to keep things legal and transparent for everyone.