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India Orders Takedown of 15 Offshore Crypto Platforms Amid PMLA Violations

Guavy AI Editorial Team
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The Financial Intelligence Unit (FIU) in India has ordered the takedown of 15 offshore cryptocurrency platforms for violating the Prevention of Money Laundering Act (PMLA). These platforms allegedly served Indian users without registering under PMLA, a requirement for operating in the country.

According to the FIU, these unregistered exchanges bypassed compliance requirements, mirroring prior regulatory actions against similar platforms over the last year. The move aims to pressure offshore platforms that cater to Indian users into adhering to local regulations.

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