India Cracks Down on 15 Non-Compliant Crypto Platforms
The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Assets Service Providers (VDA SPs) for non-compliance with the Prevention of Money Laundering Act (PMLA).
The entities, which include Weex, Blofin, Rezorex, Bitunix, DigiFinex, and Toobit, among others, were found to be operating illegally without complying with relevant provisions of the PMLA in India.
The ministry confirmed that action is being taken to block their apps and URLs, as part of compliance action under Section 13 of the PMLA.
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 regulation requires VDA SPs to register with the FIU-IND as reporting entities, maintain records, report transactions, and meet other obligations under the PMLA.