Is BingX Legal in India? FIU Takedown and Safety Check
No. BingX is not FIU-IND registered and was named in the October 2025 action against 25 offshore exchanges. What it means for your funds and futures.
No, BingX is not legal to use as a compliant exchange in India. BingX is not on the government's list of 54 crypto platforms registered with FIU-IND, and it is entry 35 on the list of 53 offshore platforms whose apps and websites FIU-IND directed to be taken down, both tabled in the Lok Sabha on 30 March 2026. Crypto is legal in India and holding coins on BingX is not a crime, but it is not a safe place for Indians to trade, least of all with leverage.
Key takeaways
- On 1 October 2025 FIU-IND issued notices under Section 13 of the PMLA to 25 offshore platforms, BingX among them, for serving Indian users without registering, and directed the takedown of their apps and URLs.
- BingX is not among the 54 VDA service providers registered as of 9 March 2026, and it is entry 35 on the official takedown list.
- bingx.com resolved to an internet provider's block address on an Indian broadband connection on 3 October 2026.
- BingX lost funds from a hot wallet in a hack on 20 September 2024, estimated at more than $43 million, and said it would cover the losses itself.
- Gains made on BingX are still taxable in India at 30% plus 4% cess, and futures losses cannot be set off.
BingX in India at a glance (3 October 2026)
| Question | Answer |
|---|---|
| What is BingX? | An offshore exchange focused on derivatives and copy trading; it says it was founded in 2018 |
| Registered with FIU-IND? | No. Not on the list of 54 (as of 9 March 2026) |
| On the takedown list? | Yes, entry 35 of 53 |
| FIU-IND action | Notice under Section 13 of the PMLA, 1 October 2025 |
| Website from India | Resolved to a block address on an Indian broadband connection, 3 October 2026 |
| BingX statement on India | None found |
| Security record | Hot wallet hack, 20 September 2024 |
| Indian TDS | We found no sign that BingX deducts it |
| Our ranking | Not ranked; we rank only platforms registered in India |
Is BingX registered with FIU-IND?
No. Since a Finance Ministry notification of 7 March 2023, every platform that offers crypto exchange, transfer or custody services to people in India must register with FIU-IND as a reporting entity under the Prevention of Money Laundering Act, wherever it is based. On 30 March 2026 the Minister of State for Finance answered Lok Sabha Unstarred Question No. 5805 with the list of 54 VDA service providers registered as of 9 March 2026. BingX is not on it.
Several big offshore exchanges did register after enforcement action, including Binance, KuCoin and Bybit, which now appear on both lists: the takedown list for the earlier action and the registered list after they complied. BingX has not taken that route. Our FIU-registered exchanges page has both official lists, and our guide to the "RBI-approved" exchange myth explains why no exchange holds an RBI licence.
Is BingX banned in India?
The official action is a takedown direction, not a "ban" on crypto. On 1 October 2025 FIU-IND issued notices to 25 offshore platforms that were serving Indian users without registering, and directed the takedown of their apps and URLs under Section 79(3)(b) of the Information Technology Act. BingX was one of them, alongside names such as CoinEx, Phemex, Poloniex, BitMEX, LBank and CoinW. All 25 appear in Annexure-II of the Lok Sabha answer, with BingX at entry 35.
BingX was not named again in FIU-IND's September 2026 action against 15 more platforms, covered in our report on FIU-IND's action against 15 offshore exchanges, because it was already on the list. We found no public statement from BingX on the Indian action, and no announcement that it has applied for registration or withdrawn its service from India.
In practice, blocking means:
- The website is blocked at the network level. When we checked on 3 October 2026, bingx.com resolved to an internet provider's block address on an Indian broadband connection.
- Apps are covered by the same direction. Any BingX app you find from an unofficial source is a security risk.
- You have no Indian protection. BingX does not report to FIU-IND, has no Indian grievance route and does not follow Indian KYC and record rules.
Blocking does not make you a criminal. The duty to register falls on BingX. We know of no rule that makes it an offence for an Indian user to hold coins on BingX or to withdraw them, and buying and holding crypto remains legal, as our guide on whether crypto is legal in India explains.
Is BingX safe for Indians?
Leaving the legal question aside, three facts weigh against it:
- It was hacked in 2024. On 20 September 2024 BingX detected unusual access to a hot wallet and paused withdrawals. Security researchers estimated losses at more than $43 million. BingX called the loss "minimal and manageable" and said it would fully compensate users from its own capital.
- Its main products are high risk. BingX describes itself as a derivatives, spot and copy trading platform. Leveraged futures and copying other traders are the fastest ways to lose money in crypto, wherever you trade.
- Your rupees are exposed too. An offshore platform with no Indian banking partner leaves rupee entry and exit to P2P trades with strangers, which can get your own bank account frozen. Read our guide to P2P trading and bank freeze risks.
BingX says it has published proof of reserves since 2022. That is better than nothing, but a reserve report does not give you any Indian legal protection, and it would not have prevented the 2024 hot wallet loss.
Registered alternatives for futures and trading
If you used BingX for futures, several platforms on the official registered list offer perpetual futures, with KYC, Indian reporting and a company you can complain to:
| Platform | Lok Sabha list entry | Our score | Guide |
|---|---|---|---|
| Delta Exchange | 29 | 7.2/10 (#8) | Is Delta Exchange legal? |
| Pi42 | 36 | 7.2/10 (#9) | Is Pi42 legal? |
| Giottus | 5 | 8.2/10 (#2) | Is Giottus safe? |
Before using leverage anywhere, read how liquidation price works and our list of the best crypto futures apps in India. Registration changes your legal position, not your risk of liquidation.
What this means for you
- Do not open a new BingX account from India. It is unregistered and its website and apps are under a takedown direction.
- Close leveraged positions on your own terms. If you still have open futures, a sudden loss of access while a position is open is the biggest risk you face.
- Your coins remain yours. Blocking limits access; it does not seize balances.
- Tax still applies. Profits made on BingX must be reported in India even though no TDS was deducted.
What to do if you have funds on BingX
- Close or reduce open futures positions so a liquidation cannot happen while you are locked out.
- Withdraw your crypto to a wallet you control or a registered Indian exchange. Test with a small amount first; our guide to moving crypto between exchanges explains networks and memo tags.
- Contact BingX support from your registered email if you cannot get in, and keep every reply.
- Do not use a VPN to get round the blocking. Faking your location can lead to account reviews and frozen funds.
- Ignore "recovery agents" and copy-trading groups that promise to unlock accounts or guarantee profits; see our guide on avoiding crypto scams in India.
- Cash out on a registered platform. Follow our guide to withdrawing crypto to your bank account.
If an offshore platform ever stops paying, read what happens to your crypto if an exchange shuts down.
Tax on BingX trades
Under the rules introduced as Section 115BBH, gains on crypto are taxed at a flat 30% plus 4% cess, with no deduction except the cost of acquisition and no set-off or carry-forward of losses. Registered Indian platforms deduct 1% TDS on sales; BingX did not, so the full tax falls due when you file, and every trade belongs in Schedule VDA. The tax treatment of crypto futures is less settled, so get advice if you traded them heavily; our guide to crypto futures in India: legality and tax sets out the views.
| Example: spot trades on BingX in one year | Amount |
|---|---|
| Profit on token A | ₹80,000 |
| Loss on token B | ₹50,000 |
| Taxable gain (the loss cannot be set off) | ₹80,000 |
| Tax at 30% plus 4% cess | ₹24,960 |
| TDS already deducted | ₹0 |
Our crypto tax in India guide covers filing in full.
How to check any exchange
- Find the legal company name and FIU-IND registration number in the terms.
- Match the company against the official list of 54 registered providers.
- Check it is not on the list of 53 platforms directed for takedown, or on FIU-IND's later lists.
- Make sure the app is in the Indian Play Store and App Store and the website opens without a VPN.
- Confirm it takes your PAN and deducts 1% TDS on sales.
Other offshore exchanges on the takedown list include Kraken, Gate.io and Bitget. Our best crypto apps in India ranking lists 12 registered options.
FAQ
Is BingX legal in India?
No. BingX is not registered with FIU-IND and is entry 35 on the government's list of 53 offshore platforms directed to be taken down, tabled in the Lok Sabha on 30 March 2026.
Is BingX banned in India?
FIU-IND issued BingX a notice on 1 October 2025 and directed the takedown of its apps and URLs. Crypto itself is not banned in India.
Is BingX safe for Indians?
It has no Indian registration or protection, its website is blocked, and it suffered a hot wallet hack in September 2024. Registered Indian platforms are the safer choice.
Is BingX FIU registered?
No. BingX is not among the 54 VDA service providers registered with FIU-IND as of 9 March 2026.
Can I withdraw my money from BingX?
Try withdrawing your crypto to your own wallet or a registered Indian exchange, after closing any futures positions. Holding or withdrawing your own coins is not an offence; contact BingX support if you are locked out.
Do I pay tax on BingX profits in India?
Yes. Profits are taxed at 30% plus 4% cess and must be reported in Schedule VDA, even though BingX deducted no TDS.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
