Business EconomyPosted at: Sep 9 2026 12:11PM


FIU-IND issues notices to 15 crypto service providers for PMLA non-compliance

New Delhi, Sep 9 (UNI) The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Assets Service Providers (VDA SPs) for non-compliance with provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The notices have been issued by the Director, FIU-IND, under Section 13 of the PMLA. The entities include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian.
The FIU-IND has also issued notices for taking down the applications and URLs of these entities that are publicly accessible in India.
The action has been taken under Section 79(3)(b) of the Information Technology Act, 2000, read with Rule 3(1)(d) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2025.
The FIU-IND said the platforms were found to be operating illegally without complying with the relevant provisions of the PMLA in India.
VDA service providers were brought under India's Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework in March 2023.
Platforms operating in India, whether offshore or onshore, and involved in activities such as exchange of virtual digital assets with fiat currencies, transfer of virtual digital assets, or their safekeeping and administration are required to register with FIU-IND as reporting entities.
These entities are required to comply with reporting, record-keeping and other obligations under the PMLA and rules framed under it. The requirements are activity-based and apply irrespective of whether a VDA service provider has a physical presence in India.
The FIU-IND also cautioned the public that crypto products and non-fungible tokens (NFTs) are unregulated and can be highly risky. It said there may be no regulatory recourse for losses arising from such transactions.
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