India targets 15 crypto platforms for AML non‑compliance

India’s Financial Intelligence Unit (FIU‑IND) has served non‑compliance notices to fifteen offshore cryptocurrency platforms, citing violations of the Prevention of Money Laundering Act (PMLA). The notice also demands the removal of the platforms’ mobile applications and website URLs from Indian access points.

Platforms named in the notice

The FIU‑IND listed the following services:

• Weex
• Blofin
• Rezorex
• Bitunix
• DigiFinex
• Toobit
• XT.com
• Latoken
• WOO X
• Pionex
• ChangeNow
• SimpleSwap
• Fixedfloat
• WhiteBIT
• Guardarian

Regulatory basis and requirements

The action is taken under Section 13 of the PMLA and Section 79(3)(b) of the Information Technology Act, as amended in 2025. Any crypto service provider offering crypto‑to‑fiat exchange, digital‑asset transfers, custody or related services to Indian users must register with FIU‑IND, regardless of physical presence. Registration obliges entities to maintain records, report suspicious transactions and comply with broader anti‑money‑laundering and counter‑terrorism financing rules.

Background of enforcement

India introduced AML and CFT obligations for virtual digital asset service providers in March 2023. Earlier actions include show‑cause notices to major offshore exchanges in December 2023 and subsequent penalties on Binance (₹188.2 million) and Bybit (₹92.7 million) for non‑compliance. Those platforms later registered with FIU‑IND and resumed operations.

Implications for users

The FIU‑IND warned that crypto and NFT products remain unregulated in India and carry high risk, with no regulatory recourse for losses. Users are advised to exercise caution when accessing services that have not complied with registration requirements.