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India Cracks Down on 15 Crypto Platforms
Дата публикации: 25-09-2026 10:36:07
India’s Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 crypto platforms, including Weex, Blofin, DigiFinex, XT.com, and WhiteBIT, ordering takedown of their apps and URLs for operating illegally in India under the Prevention of Money Laundering Act (PMLA). This marks one of the most aggressive enforcement pushes since India expanded AML rules to cover virtual digital asset providers in 2023.In March 2023, Virtual Digital Asset Service Providers (VDA SPs) were formally brought under India’s Anti‑Money Laundering and Counter‑Terrorist Financing (AML/CFT) framework through the Prevention of Money Laundering Act, 2002 (PMLA). All VDA SPs serving Indian users — whether based offshore or onshore — and engaged in activities such as exchanging virtual assets with fiat currencies, transferring digital assets, safekeeping or administering them, or providing instruments that enable control over such assets, must register with FIU‑IND as Reporting Entities.Under the PMLA and its associated rules, these entities are required to comply with obligations including registration, reporting, record‑keeping, and customer due diligence. Importantly, these requirements are activity‑based and apply regardless of whether the service provider has a physical presence in India. Key Details of the FIU ActionDate of action: September 9–24, 2026Platforms targeted: Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, GuardarianLegal basis: Section 13 of the Prevention of Money Laundering Act (PMLA), 2002Enforcement mechanism: Notices issued under the IT Act, 2000 and Intermediary Guidelines (2025) to block apps/URLsReason: Operating in India without registering as reporting entities with FIU-IND, failing AML/CFT obligationsContext and BackgroundAML expansion (March 2023): India brought Virtual Digital Asset Service Providers (VDA SPs) under AML rulesPast enforcement:- 2023: FIU-IND targeted Binance, Kraken, KuCoin; Binance later paid ₹18.82 crore penalty- 2025: Notices issued to 25 offshore exchanges including Paxful and BitMexUser workarounds: Indian users increasingly use stablecoin-to-gift card platforms abroad to bypass Indian exchangesRisks for Indian UsersCrypto & NFTs remain unregulated in India — no investor protection or recourse for lossesPlatforms named in the FIU list may face sudden service disruptionsOffshore exchanges may suspend services temporarily until compliance is achievedImplicationsFor investors: Expect tighter scrutiny, possible account freezes, and mandatory KYCFor platforms: Offshore exchanges must register with FIU-IND or exit the Indian marketFor regulators: Reinforces India’s stance that crypto activity must align with AML/CFT frameworksNext Steps You Might ExploreTopicDescriptionFIU compliance rulesUnderstand reporting obligations for crypto in IndiaCrypto regulation in IndiaExplore evolving legal frameworks and restrictionsRisks of offshore exchangesLearn about service disruptions and compliance issuesStablecoin gift card workaroundSee how users bypass Indian exchanges with gift cardsFirst Published at www.IndianWeb2.com
Основное содержимое страницы с новостью.
India’s FIU orders 15 crypto platforms blocked under PMLA, citing AML non‑compliance, tightening regulation and raising risks for Indian investors.
India’s Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 crypto platforms, including Weex, Blofin, DigiFinex, XT.com, and WhiteBIT, ordering takedown of their apps and URLs for operating illegally in India under the Prevention of Money Laundering Act (PMLA). This marks one of the most aggressive enforcement pushes since India expanded AML rules to cover virtual digital asset providers in 2023.
In March 2023, Virtual Digital Asset Service Providers (VDA SPs) were formally brought under India’s Anti‑Money Laundering and Counter‑Terrorist Financing (AML/CFT) framework through the Prevention of Money Laundering Act, 2002 (PMLA).
All VDA SPs serving Indian users — whether based offshore or onshore — and engaged in activities such as exchanging virtual assets with fiat currencies, transferring digital assets, safekeeping or administering them, or providing instruments that enable control over such assets, must register with FIU‑IND as Reporting Entities.
Under the PMLA and its associated rules, these entities are required to comply with obligations including registration, reporting, record‑keeping, and customer due diligence. Importantly, these requirements are activity‑based and apply regardless of whether the service provider has a physical presence in India.
Key Details of the FIU Action- Date of action: September 9–24, 2026
- Platforms targeted: Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, Guardarian
- Legal basis: Section 13 of the Prevention of Money Laundering Act (PMLA), 2002
- Enforcement mechanism: Notices issued under the IT Act, 2000 and Intermediary Guidelines (2025) to block apps/URLs
- Reason: Operating in India without registering as reporting entities with FIU-IND, failing AML/CFT obligations
- AML expansion (March 2023): India brought Virtual Digital Asset Service Providers (VDA SPs) under AML rules
- Past enforcement:
- 2023: FIU-IND targeted Binance, Kraken, KuCoin; Binance later paid ₹18.82 crore penalty
- 2025: Notices issued to 25 offshore exchanges including Paxful and BitMex - User workarounds: Indian users increasingly use stablecoin-to-gift card platforms abroad to bypass Indian exchanges
- Crypto & NFTs remain unregulated in India — no investor protection or recourse for losses
- Platforms named in the FIU list may face sudden service disruptions
- Offshore exchanges may suspend services temporarily until compliance is achieved
- For investors: Expect tighter scrutiny, possible account freezes, and mandatory KYC
- For platforms: Offshore exchanges must register with FIU-IND or exit the Indian market
- For regulators: Reinforces India’s stance that crypto activity must align with AML/CFT frameworks
| Topic | Description |
|---|---|
| FIU compliance rules | Understand reporting obligations for crypto in India |
| Crypto regulation in India | Explore evolving legal frameworks and restrictions |
| Risks of offshore exchanges | Learn about service disruptions and compliance issues |
| Stablecoin gift card workaround | See how users bypass Indian exchanges with gift cards |
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Классификация: Экономика. Схожих патентов: 0. Схожих новостей: 10. Тональность: 0. Информативность: 11.2. Источник: www.indianweb2.com.