India’s crypto users send substantial value to centralized exchanges, but domestic platforms receive just 0.7% of exchange value in Chainalysis’s new regional report. Its Brazil chapter puts Brazil-based exchanges at 12.5% of inflows.

The contrast separates two business questions that adoption figures can blur: how much activity is associated with a country, and how much its domestic platforms capture. India’s transaction withholding can reduce the cash available for another trade. Its role in venue choice remains an operator explanation, rather than a measured cause of the split.

The findings appeared in Chainalysis’s CSAO chapter on Sept. 30 and Latin America chapter on Sept. 23. Their main annual reporting window runs from July 2025 through June 2026, while the share observations’ precise dates remain unspecified in the chapters’ prose. The new publications describe earlier activity, ending before October.

Chainalysis attributes $88.4 billion in centralized-exchange inflows to India-based users during that annual period, making India the largest such market in Central and Southeast Asia and Oceania. That activity can reach platforms based abroad.

The Indian chapter reports that domestic platforms’ share of exchange value received fell from around 7% to 0.7%, with a sharp decline in mid-2022. Brazil’s chapter describes a different trajectory: Brazil-based exchanges previously received 1.5% of inflows and now receive 12.5%.

Those percentages describe received value in Chainalysis’s exchange analysis. Executed trades, revenue and customer numbers measure other parts of a platform’s business. One deposit can fund subsequent trading, so the amount entering an exchange and the activity inside it answer different questions.

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