2024

Major

<h3 id="summary">Summary</h3>
<ul>
 <li>India’s Financial Intelligence Unit issued compliance notices to 15 crypto platforms and requested takedowns of their applications and websites.</li>
 <li>Offshore crypto providers serving Indian customers must register with FIU-IND and meet mandatory reporting and record-keeping obligations under PMLA rules.</li>
 <li>Bybit, Coinbase, and Binance previously adjusted Indian operations, demonstrating how regulatory compliance determines market access for international exchanges operating.</li>
</ul>
&nbsp; 
India’s Financial Intelligence Unit has issued non-compliance notices to 15 crypto platforms accused of violating national anti-money laundering requirements. The agency also requested the removal of their applications and websites from public access. 
<a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=2308131&amp;reg=48&amp;lang=2" rel="noopener noreferrer nofollow">According to the government announcement</a>, these platforms operated without fulfilling obligations under the Prevention of Money Laundering Act. Authorities issued the notices under Section 13 of the PMLA during enforcement. 
Also Read: <a href="https://36crypto.com/xrp-is-repeating-the-same-pattern-that-always-lead-to-major-price-surge-details/" rel="noopener noreferrer nofollow">XRP Is Repeating the Same Pattern That Always Leads to Major Price Surge: Details</a> 
<h2 id="india-seeks-takedowns-under-expanded-crypto-compliance-rules">India Seeks Takedowns Under Expanded Crypto Compliance Rules</h2>
The affected platforms include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, and Pionex. ChangeNow, SimpleSwap, FixedFloat, WhiteBIT, and Guardarian also appeared on the regulator’s list. 
FIU-IND found that these companies offered virtual asset services without meeting mandatory registration and reporting standards. Consequently, the regulator initiated measures intended to restrict their ability to reach customers across India. 
India expanded its anti-money laundering framework in March 2023 to include companies offering virtual digital asset services. These requirements apply equally to domestic and offshore providers serving customers within the country. 
Covered companies must register with FIU-IND and maintain records concerning customer activity and qualifying transactions. Additionally, they must submit required reports supporting efforts against money laundering and terrorist financing. 
<h2 id="previous-exchange-restrictions-highlight-compliance-risks">Previous Exchange Restrictions Highlight Compliance Risks</h2>
Several major exchanges have previously adjusted their Indian operations while addressing similar regulatory requirements. Bybit restricted services in January 2025 while completing registration with the financial intelligence agency. 
The exchange restored full application access once it completed the required process. Coinbase also resumed customer onboarding in India following its successful FIU registration. 
Moreover,<a href="https://36crypto.com/indian-authorities-launch-tax-probe-into-binance-traders-over-crypto-gains/" rel="noopener noreferrer nofollow"> Binance returned to the Indian market</a> in 2024 following an earlier interruption involving regulatory concerns. The company paid a $2.25 million penalty before restoring services for Indian customers. These cases show that registration can determine whether offshore exchanges retain access to India’s cryptocurrency market. 
Meanwhile, FIU-IND warned that cryptocurrencies and non-fungible tokens remain unregulated financial products in India. Users may therefore lack regulatory remedies when losses arise from transactions involving these assets. 
The enforcement action reinforces India’s requirement that crypto providers serving local customers follow its anti-money laundering framework. Platforms ignoring those duties risk losing public access until they satisfy the country’s compliance standards. 
Also Read: <a href="https://36crypto.com/21shares-shatters-xrps-biggest-myth-about-ripples-control-of-the-xrp-ledger/" rel="noopener noreferrer nofollow">21Shares Shatters XRP’s Biggest Myth About Ripple’s Control of the XRP Ledger</a> 
The post <a rel="noopener noreferrer nofollow" href="https://36crypto.com/india-targets-15-crypto-platforms-over-anti-money-laundering-compliance-failures/">India Targets 15 Crypto Platforms Over Anti-Money Laundering Compliance Failures</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://36crypto.com">36Crypto</a>.

India Targets 15 Crypto Platforms Over Anti-Money Laundering Compliance Failures

Table of Contents

36crypto

Other articles published on Sep 9, 2026

Join our free newsletter for daily crypto updates!