When the RBI banking restrictions, a 2018 directive from India's central bank that barred financial institutions from serving crypto businesses. Also known as the RBI crypto ban, it didn't outlaw crypto itself—but it cut off its lifeline: bank accounts. Overnight, exchanges like Koinex couldn't process INR deposits. Traders lost access to their funds. Platforms shut down. The move wasn't just a policy shift—it was a system-wide chokehold.
What made the RBI banking restrictions so damaging wasn't just the rule, but how it was enforced. Banks started closing accounts of crypto users without warning. Payment processors froze transactions. Even people buying Bitcoin for personal use got caught in the net. The Koinex shutdown, India’s largest crypto exchange at the time, which collapsed in 2019 after losing its banking access became the symbol of that collapse. It wasn't because the platform was flawed—it was because the system refused to let it exist.
The Indian crypto regulations, the patchwork of rules that followed the RBI ban, including tax rules and the 2022 30% crypto tax didn’t bring clarity—they brought confusion. People kept trading, but now they used P2P apps, VPNs, and offshore exchanges. The RBI crypto policy, a stance that never officially legalized crypto but also never fully banned it left everyone guessing. Was it illegal? Was it tolerated? Was it just ignored? The answer? All of the above.
Today, you’ll find posts here that explain how traders bypassed these restrictions, why exchanges like Koinex never came back, and how newer platforms operate in the shadows—or try to stay legal under new tax laws. You’ll see how the RBI’s actions forced a generation of Indian crypto users to become experts in risk, resilience, and workaround strategies. This isn’t just history—it’s the foundation of how crypto works in India right now. What you’ll find below are real stories, real mistakes, and real lessons from the front lines of India’s crypto war.
1 October
After the RBI's 2018 banking ban crushed India's crypto scene, the Supreme Court's 2020 ruling reversed course - restoring banking access and legal clarity. Here's what changed for crypto users and exchanges in India by 2025.
