FIU-IND Slaps Notices on 15 Crypto Firms for Non-Compliance

The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Assets Service Providers (VDA SPs) for non-compliance with PMLA provisions.

The entities, which include Weex, Blofin, and DigiFinex, were found operating illegally without complying with the relevant provisions of the PMLA in India.

VDA service providers were brought under the Anti-Money Laundering and Counter Financing of Terrorism framework through provisions of the PMLA in March 2023.

The ministry has also issued notices to take down the applications or URLs of these entities from public access, citing non-compliance with the relevant provisions of the PMLA.