India moves to block 15 crypto apps, leaving users facing sudden account lockout

India’s Financial Intelligence Unit (FIU‑IND) announced on September 9 that 15 crypto service providers have been served with non‑compliance notices for operating without meeting the requirements of the Prevention of Money Laundering Act. The agency also requested the removal of the providers’ public apps and website URLs under India’s information‑technology and intermediary rules.

Providers named in the notice

The FIU‑IND listed the consumer‑facing brands and their associated legal entities:

• Weex – Weex International Exchange LTD
• Blofin – BLF Global Limited
• Rezorex – RezorEx
• Bitunix – Bitunix LLC
• DigiFinex – DigiFinex Ltd
• Toobit – Hopeful Technology Co. Ltd
• XT.com – Fibtc Ltd / XT Technical PTE Ltd
• Latoken – LAtrade Ltd
• WOO X – Wootech Limited
• Pionex – Marketa Trading Inc.
• ChangeNow – CHN Group LLC
• SimpleSwap – SimpleSwap Ltd
• Fixedfloat – FFGX Group LLC
• WhiteBIT – UAB Clear White Technologies
• Guardarian – FinSeven CZ

What the notice entails

The order targets public access to the apps and URLs; it does not itself confirm that app stores or internet service providers have completed the removals, nor does it state that user accounts, balances, or withdrawals are frozen. FIU‑IND’s registration rules require any entity offering exchange, transfer, custody, administration or issuer‑related services to Indian users to register as a reporting entity and comply with record‑keeping and reporting obligations, regardless of offshore incorporation.

Potential impact on users

While the takedown request may block new users from downloading the apps or visiting the sites, existing users could still face disruptions to login or withdrawal processes if access is restricted. The FIU‑IND release did not provide remediation deadlines, company responses, or specific guidance for Indian customers.

Context and next steps

Earlier in December 2023, FIU‑IND issued similar notices to nine offshore providers, resulting in mixed accessibility outcomes during testing. The current cohort’s future depends on whether intermediaries implement the takedown requests and whether the providers pursue registration or alternative arrangements for Indian users.