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…