India's FIU-IND issues AML non-compliance notices to 15 offshore crypto exchanges and seeks app/URL takedowns.
Regulation & Gov ·
India's Financial Intelligence Unit (FIU-IND) has issued anti-money laundering non-compliance notices to 15 virtual digital asset service providers under the Prevention of Money Laundering Act. The platforms named include WEEX, BloFin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. The agency has also directed takedowns of their applications and URLs for public access, citing illegal operation without compliance with relevant provisions of India's AML framework.
Virtual digital asset service providers have been required to register with FIU-IND as reporting entities since March 2023 and must comply with obligations under India's anti-money laundering rules. These requirements apply regardless of whether the platforms are offshore or onshore and regardless of whether they maintain physical presence in India. The obligations extend to exchanges between crypto and fiat currencies, transfers of virtual assets, and safekeeping activities.
The enforcement action targets platforms operating without registration and compliance. FIU-IND notes that crypto products and NFTs remain unregulated in India and carry substantial risk, with no regulatory recourse guaranteed for user losses.