Crypto
India's Financial Intelligence Unit Cracks Down on Unregistered Crypto Platforms
The Financial Intelligence Unit (FIU) in India has sent non-compliance notices to 15 cryptocurrency platforms, also known as Virtual Digital Asset Service Providers (VDA SPs), under the Prevention of Money Laundering Act (PMLA).
The FIU directed these platforms to take down their applications and URLs, which could lead to access blocks in the country.
The notified entities include Weex, Blofin, Bitunix, DigiFinex, Toobit, Razorex, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, and Guardarian.
India expanded its anti-money laundering and counter-financing of terrorism framework in 2023, bringing VDA service providers under the ambit of FIU registration and PMLA obligations.