India Issues Anti-Money Laundering Notices to 15 Crypto Platforms
India’s Financial Intelligence Unit has issued non-compliance notices to 15 cryptocurrency platforms over alleged failures to meet the country’s anti-money laundering requirements and has sought measures to restrict public access to their applications and websites.
The action was taken under Section 13 of the Prevention of Money Laundering Act, according to a government announcement. The Financial Intelligence Unit of India, or FIU-IND, said the platforms were providing virtual asset services without fulfilling obligations established under the country’s anti-money laundering framework.
The platforms named in the action are Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian.
FIU-IND said the companies had not complied with mandatory registration and reporting requirements applicable to virtual digital asset service providers operating in or serving customers in India.
India Tightens Crypto Anti-Money Laundering Enforcement
India brought virtual digital asset service providers within the scope of its anti-money laundering framework in March 2023. The rules apply not only to domestic businesses but also to offshore platforms that provide covered services to customers in the country.
Under the framework, qualifying crypto service providers are required to register with FIU-IND and maintain records relating to customers and transactions that fall within the applicable requirements.
They are also required to submit prescribed reports to support efforts aimed at detecting and preventing money laundering and terrorist financing.
The latest notices indicate that FIU-IND is applying those requirements to offshore cryptocurrency platforms that continue to provide services to the Indian market without completing the required compliance process.
The regulator’s request to restrict access to the named platforms represents an additional enforcement measure intended to limit their ability to serve customers in India while the compliance issues remain unresolved.
Earlier Exchange Actions Show Compliance Risks
India has previously taken regulatory action involving major international cryptocurrency exchanges as they sought to meet the country’s requirements.
Bybit restricted some services in India in January 2025 while it worked toward registration with FIU-IND. The exchange later restored full application access after completing the required process.
Coinbase also resumed customer onboarding in India after securing registration with the financial intelligence agency.
Binance returned to the Indian market in 2024 following an earlier interruption linked to regulatory concerns. The exchange paid a $2.25 million penalty before restoring services for Indian customers.
The cases illustrate the importance of FIU registration for offshore cryptocurrency platforms seeking continued access to India’s market.
At the same time, FIU-IND has warned that cryptocurrencies and non-fungible tokens remain unregulated financial products in India. Users may therefore have limited regulatory remedies when they suffer losses from transactions involving those assets.
The latest enforcement action reinforces the requirement for crypto platforms serving Indian customers to comply with the country’s anti-money laundering rules. Platforms that fail to meet those obligations can face restrictions on their ability to remain accessible to users in India.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.