Indian-domiciled exchanges took heavy market-share losses after the 2022 tax changes and the 2024 WazirX hack. Most no longer offer P2P at scale. They're still relevant for certain spot use cases.
CoinDCX
CoinDCX is now the largest Indian-domiciled exchange by user count. They offer crypto-to-crypto spot trading and INR on-ramp via direct bank transfer (their own banking partners). They do NOT run a meaningful P2P market.
Use case: an alternative if you want INR-direct on-ramp without the P2P negotiation, accepting slightly higher fees built into the rate.
ZebPay
ZebPay is one of India's oldest exchanges. Spot-only, no P2P. Smaller user base post-2022.
Mudrex
Mudrex focuses on crypto investment products (basket strategies, SIP-style buying). Not a trading-first venue. INR on-ramp via integrated banking.
Why P2P moved offshore
Indian exchanges' INR-direct deposit channel makes them subject to Indian banking regulation in a way that foreign P2P-only platforms aren't. The compliance overhead is higher; the market they can serve is narrower. P2P naturally consolidated on foreign FIU-registered exchanges instead.
Key takeaways
- Indian exchanges mostly don't do P2P; they do INR-direct on-ramp instead.
- CoinDCX is the largest active Indian-domiciled exchange.
- ZebPay and Mudrex serve narrower spot/investment use cases.
- P2P consolidated on foreign FIU-registered platforms.
