India Hits 15 Crypto Platforms with Non-Compliance Notices

India's Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 virtual digital asset service providers for operating in the country without adhering to its rules. The notice was issued under Section 13 of the Prevention of Money Laundering Act, which requires crypto platforms serving Indian customers to register with the FIU-IND and maintain strict records.

The affected platforms include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. The FIU-IND also cautioned Indian users about the risks associated with crypto products and non-fungible tokens (NFTs), stating that they are 'unregulated and can be highly risky'.

The move comes after India brought crypto platforms under anti-money laundering rules in March 2023, requiring them to register with the FIU-IND. The timing is notable as Indian users have been increasingly moving stablecoins to offshore platforms, which convert the coins into gift cards that can be used to purchase goods and services in India.