India Takes Down 15 Crypto Platforms for Non-Compliance
India's Financial Intelligence Unit (FIU-IND) has taken action against 15 virtual digital asset service providers for operating without registering as reporting entities under the Prevention of Money Laundering Act (PMLA). The providers, including Weex, BloFin, Rezorex, and others, have been issued non-compliance notices and their websites and applications are being removed from public access in India.
The FIU-IND claims that these platforms have been serving Indian users without meeting the necessary requirements under PMLA. The providers must now register as reporting entities or face further action. This move is part of a broader effort to regulate the cryptocurrency market in India, which has been subject to increasing scrutiny from regulators.
The affected platforms may seek registration and address the alleged deficiencies, but the release did not disclose whether any had responded to the notices. Users with active balances on these platforms have little visibility into how quickly access could be cut off, or whether existing funds would remain retrievable once a takedown takes effect.