Indian crypto exchanges just got hit with major transparency issues. Regulatory probe reveals unclear fund custody practices - many exchanges still mixing user funds with operational capital instead of proper cold wallet segregation. Key concern: most platforms lack real-time proof-of-reserves and use opaque banking relationships for INR deposits. If you're trading on Indian CEXs, check if they publish merkle tree proofs or have third-party audits. The lack of clear fund trails means your $BTC and $ETH might not be sitting where you think they are. This is why self-custody and hardware wallets matter - not your keys, not your coins isn't just a meme anymore.