India Slams Brakes on Offshore Crypto Platforms
India's Financial Intelligence Unit (FIU) has issued non-compliance notices to 15 offshore crypto platforms, including Weex, Blofin, and WOO X. The watchdog ordered takedown action against these platforms' apps and URLs for operating without meeting the country's anti-money laundering requirements.
The notice was issued under Section 13 of the Prevention of Money Laundering Act (PMLA) and covered platforms such as Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardian.
According to the source, crypto platforms serving Indian customers must register with FIU-IND regardless of whether they have a physical presence in the country. This action follows earlier enforcement against major offshore exchanges, including Binance, which later registered and paid a 188.2 million rupee penalty.