# India-Based Users Sent $88.4 Billion to Exchanges; Local Platforms Got 0.7%

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/26683
Published: 2026-10-04T18:27:52.000Z
Updated: 2026-10-04T18:27:52.000Z
Section: Investing

> The total edged past Singapore’s $82.3 billion from July 2025 through June 2026, but most exchange value attributed to Indian users went to platforms based elsewhere.

From July 2025 through June 2026, exchanges received $88.4 billion in value attributed to India-based users, the most in Central and Southeast Asia and Oceania. Domestic platforms received 0.7% of that value.

The total topped Singapore’s $82.3 billion. India-based platforms had captured about 7% before their share dropped sharply in mid-2022, showing that national crypto activity and business captured by local exchanges are different measures.

Exchange activity attributed to Indian users includes flows to platforms based outside India. A large exchange market does not mean local firms receive a comparable share. The figures measure value received by exchanges and attributed to users by country, not exchange revenue, executed trading volume or customer counts.

Brazil showed a different pattern: domestic platforms’ share of inflows rose to 12.5% from 1.5%. The available figures do not establish that the countries’ measurements use identical periods or platform samples, or explain what drove the difference.

Country attribution relies partly on website traffic because exchange funds are pooled on-chain, making users’ locations difficult to determine from blockchain data alone. The method weights each country’s traffic share by the square root of its GDP per capita. Efforts to filter virtual private network (VPN) and bot traffic are imperfect.

India’s 1% withholding tax on crypto transfers may be one factor in local platforms’ low share. CoinSwitch co-founder Ashish Singhal told researchers that domestic exchanges following the rules withhold the tax, while offshore platforms may not. The figures do not measure how much the tax influenced platform choice or establish that every foreign exchange is exempt from Indian tax obligations.