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India seeks takedowns of 15 crypto platforms over AML compliance
India’s Financial Intelligence Unit issued non-compliance notices under the Prevention of Money Laundering Act, asking for removals of apps and URLs from public access.
India’s Financial Intelligence Unit has issued non-compliance notices to 15 crypto platforms under India’s Prevention of Money Laundering Act, and is seeking takedowns of the platforms’ applications and URLs from public access, The Block reports. The FIU named platforms including Weex, Blofin, Bitunix, DigiFinex, and Toobit, along with Rezorex, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, and Guardarian. The agency said the platforms were operating illegally in India without complying with applicable PMLA provisions, and the entities could face access blocks in India. The enforcement push follows a March 2023 expansion of India’s anti-money laundering and counter-financing of terrorism framework that brought VDA service providers operating in India, whether offshore or onshore, under FIU registration and other PMLA obligations, including reporting and record-keeping. The FIU also said crypto products and NFTs remain unregulated in India, warning that transactions may carry no regulatory recourse for losses. The Block notes prior service restrictions and resumptions in the country, including Bybit’s temporary restriction in January 2025, Coinbase’s user onboarding after FIU registration, and Binance returning in 2024 after paying a $2.25 million penalty.