India's Crypto Watchdog Cracks Down on Unregistered Exchanges
The Financial Intelligence Unit of India (FIU-IND) has taken stronger action against cryptocurrency exchanges operating from abroad and failing to comply with India's anti-money laundering requirements. The unit served notices of non-compliance under Section 13 of the Prevention of Money Laundering Act (PMLA) to 15 Virtual Digital Asset (VDA) service providers.
The companies mentioned in the notice are Weex, Blofin, Rezorex, Bitunix, DigiFinEx, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, and Guardarian. These exchanges allegedly target the Indian market without complying with India's regulatory requirements.
The FIU-IND emphasized that these exchanges must be registered and comply with anti-money laundering regulations, including verifying customers and maintaining records of transactions. Failure to comply may result in punitive actions.