The request to three major exchanges underscores tighter scrutiny of off-exchange deals, with a focus on beneficial ownership where private companies or intermediaries may obscure the true owner of funds.
India’s Financial Intelligence Unit has asked three major cryptocurrency exchanges to provide information on over-the-counter crypto transactions worth more than $10,000, widening oversight of large off-exchange trades. The request centers on deals where beneficial ownership may be harder to establish, particularly when private companies or intermediaries can obscure who ultimately controls the funds. Exchanges have also been asked to retain OTC records from January 2026. The move reflects a broader regulatory drive to bring private crypto dealing channels closer to traditional financial reporting standards, as OTC trading can help large clients avoid open-market price swings but can also reduce transparency around who controls funds and where assets move after a trade.