FIU-IND Issues Notices to 15 Crypto Service Providers for Non-Compliance

The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Assets Service providers for non-compliance with anti-money laundering laws. The entities, including Weex International Exchange, BLF Global, and Bitunix LLC, were found operating illegally without adhering to the relevant provisions of the Prevention of Money Laundering Act (PMLA).

As part of compliance action against non-compliant entities, FIU-IND has issued notices under Section 13 of the PMLA. The Director, FIU-IND, has also asked these entities to take down their application/URLs for public access.

The ministry reiterates that Crypto products and NFTs are unregulated and can be highly risky, with no regulatory recourse for any loss from such transactions.