CoinSwitch: licences, security, fees and reviews
Centralized exchange
In short
- Legal entity
- Bitcipher Labs LLP, LLPIN AAM-0533
- Fees
- Tax (TDS): 1% TDS under Section 194S of India's Income Tax Act on the gross transfer value of qualifying crypto transactions, including futures and options; CoinSwitch deducts it (as of 31 October 2026).
- Risks and caveats
- The terms carry India's mandatory disclaimer that crypto products are unregulated and there may be no regulatory recourse for losses.
- Checked
- 31 October 2026
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Key facts
- Type
- Centralized exchange
- Exchange launched
- 2017
- Country of registration
- India
- Operator
- Bitcipher Labs LLP (India, LLPIN AAM-0533)
- Official site
- coinswitch.co
Key facts checked on 31 October 2026 against official sources.
What is CoinSwitch
CoinSwitch is an Indian crypto investment and trading app operated by Bitcipher Labs LLP, with platform technology owned by Bitkuber Investments Pvt. Ltd. Users buy and sell crypto in Indian rupees; orders are executed on third-party crypto platforms. It also lists futures and options, SIPs, staking and API trading (CoinSwitch Pro).
Good to know
- CoinSwitch routes buy and sell orders to third-party crypto platforms rather than matching them only on its own order book. ↗
- Crypto is held in custody through third-party custody providers or third-party crypto platforms. ↗
- Crypto purchases are subject to Indian tax deducted at source (TDS), withheld by the operator before sale proceeds are credited. ↗
- Trades must be made in Indian rupees. ↗
- CoinSwitch runs a recovery programme for users of WazirX. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | Buy and sell crypto in INR; orders executed on third-party platforms. |
| Derivatives | Futures and options markets, including US stock and commodities futures, listed in the app menu. |
| Staking / Earn | Crypto staking and earn products. |
| Custody / wallet | Custodial crypto wallet with third-party custody providers. |
| Recurring buy | Systematic Investment Plan (monthly crypto buys). |
| Options | Crypto options with 11 expiries: daily, weekly, monthly and quarterly. |
Licences and registrations
| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| India | Bitcipher Labs LLP (CoinSwitch) | Registered with FIU-IND as a Reporting Entity under the PMLA 2002 (company statement; registration number not published) | Financial Intelligence Unit - India (FIU-IND) |
Security and audits
- ISO/IEC 27001:2022 certification (company statement).
- Custodians are SOC 2 Type II certified and insured, according to CoinSwitch.
- CoinSwitch runs a bug bounty programme and asks researchers to report vulnerabilities through its security team.
- The privacy policy says user information is generally stored on secure servers within India, with storage abroad possible.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 28 August 2024 | Counterparty exposure: Counterparty exposure, not a breach of CoinSwitch: after WazirX said a cyber attack led to the theft of $230 million (~Rs 2000 cr) of funds on its platform, CoinSwitch said it held Rs 12.4 cr in INR, Rs 28.7 cr in ERC20 tokens and Rs 39.9 cr in other tokens on WazirX, about 2% of all CoinSwitch funds, and that the exposure has no impact on user balances. | x.com |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Fees
| Parameter | Details |
|---|---|
| Tax (TDS) | 1% TDS under Section 194S of India's Income Tax Act on the gross transfer value of qualifying crypto transactions, including futures and options; CoinSwitch deducts it (as of 31 October 2026). |
Who can use it
- Verification: Users must be at least 18 and competent to contract in India; identity verification applies under PMLA rules.
- Service is for users in India and trades must be in Indian rupees.
History
| Date | Event |
|---|---|
| 2017 | CoinSwitch starts with a small founding team. |
| 2018 | Bitcipher Labs LLP operates the platform (copyright from 2018). |
| September 2021 | CoinSwitch raises $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz at a $1.9 billion valuation. |
| 23 November 2022 | CoinSwitch launches CoinSwitch Pro, a multi-exchange trading platform for trading crypto in Indian rupees with a single login. |
Risks and caveats
- The terms carry India's mandatory disclaimer that crypto products are unregulated and there may be no regulatory recourse for losses.
- FIU-IND registration is an anti-money-laundering registration, not a licence or investor-protection scheme.
- Crypto is held by third-party custodians or platforms.
- Staked tokens may be locked or in an unbonding period and so unavailable for immediate sale.
About the company
- Legal entity
- Bitcipher Labs LLP, LLPIN AAM-0533
- Parent company
- Technology owned by Bitkuber Investments Pvt. Ltd. (CIN U65990TN2021PTC191472), licensed to Bitcipher Labs LLP
- Founded
- 2017
- Investors
- a16z, Tiger Global, Sequoia Capital India
- Grievance officer address
- Bitcipher Labs LLP, RMZ Millenia Business Park, Perungudi, Chennai 600096, Tamil Nadu (privacy policy)
Official links
- Website: coinswitch.co
- Terms of use: coinswitch.co/terms-of-use
- Licences: coinswitch.co/aml-policy
- Fees: coinswitch.co/pro/fee-credits
- Privacy policy: coinswitch.co/bc/privacy-policy
- Bug bounty: coinswitch.co/bug-bounty
Questions and answers
Is CoinSwitch regulated?
CoinSwitch says it is registered with FIU-IND as a Reporting Entity under the PMLA 2002. Its terms state that crypto products are unregulated in India and there may be no regulatory recourse for losses.
Who owns CoinSwitch?
The platform is operated by Bitcipher Labs LLP; the technology is owned by Bitkuber Investments Pvt. Ltd. Investors named by CoinSwitch include a16z, Tiger Global and Sequoia Capital India.
Does CoinSwitch publish proof of reserves?
No current proof-of-reserves report is listed on its site; crypto is held with third-party custodians that CoinSwitch says are SOC 2 Type II certified.
Is CoinSwitch available outside India?
It is built for users in India: the terms require users to be competent to contract in India and to trade in Indian rupees.
Sources
- CoinSwitch - Home
- CoinSwitch - About us
- CoinSwitch - Terms of use and policies
- CoinSwitch - Privacy policy (Bitcipher Labs LLP)
- CoinSwitch - Bug bounty programme
- CoinSwitch press - CoinSwitch Pro launch (23 November 2022)
- CoinSwitch blog - 1% TDS on crypto derivatives
- CoinSwitch - Crypto options trading
- CoinSwitch - Crypto staking and earn
- CoinSwitch on X - statement on WazirX exposure (28 August 2024)
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