India Cracks Down on Offshore Crypto Platforms Serving Indian Users
India's Financial Intelligence Unit has issued non-compliance notices to 15 offshore cryptocurrency platforms for serving Indian customers without registering under the country's anti-money laundering framework. This crackdown makes it clear that operating outside India does not exempt a crypto platform from domestic AML obligations when Indian users are being served.
The action follows concerns about stablecoins being converted into overseas gift cards and extends India's earlier enforcement campaign against major exchanges such as Binance, Kraken, and KuCoin. The 15 platforms targeted by the Financial Intelligence Unit include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian.
The regulatory test is based on who the platform serves rather than where the business is incorporated or headquartered. Authorities also warned consumers that crypto products and NFTs remain unregulated and can carry substantial risks, including limited regulatory recourse when losses occur.