India Cracks Down on Unregistered Crypto Platforms, Issues Notices to 15 Operators

India's Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 virtual digital asset service providers under Section 13 of the Prevention of Money Laundering Act, 2002. The affected platforms offer exchange, transfer, custody, administration, and related services to users in India without meeting the country's reporting-entity requirements.

The notice recipients include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. These entities were found to be operating in India without registering as reporting entities or complying with the country's anti-money laundering and counter-terrorist financing framework.

FIU-IND has also initiated measures seeking the removal of the identified applications and URLs from public access. This action aims to address the cross-border visibility and recordkeeping risks associated with unregistered platforms operating in India.