India’s Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 offshore virtual digital asset service providers and ordered takedown action against their apps and URLs for operating without meeting anti-money laundering requirements under the Prevention of Money Laundering Act (PMLA).
The platforms named on Tuesday include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT and Guardarian. Alongside the compliance notices, FIU-IND issued takedown notices under Section 79(3)(b) of the Information Technology Act and related rules amended in 2025.
The regulator said crypto platforms serving Indian customers must register with FIU-IND as reporting entities regardless of whether they have a physical presence in India. The requirements apply to crypto-to-fiat exchange, digital asset transfers, custody and other services that provide control over virtual assets.
India brought virtual digital asset service providers under its anti-money laundering and counter-financing of terrorism framework in March 2023. The current action follows earlier enforcement against larger offshore exchanges. In December 2023, FIU-IND issued show-cause notices to nine platforms including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. Binance later registered and paid a 188.2 million rupee penalty, while Bybit paid a 92.7 million rupee penalty before securing registration.
FIU-IND also warned that crypto products and NFTs remain unregulated and can be highly risky, with no regulatory recourse for losses. The regulator has separately sought OTC transaction records exceeding $10,000 from major exchanges and tightened KYC rules earlier this year.
