India moves to block 15 crypto platforms over AML violations
India's Financial Intelligence Unit (FIU) has issued non-compliance notices to 15 cryptocurrency platforms. The agency also sought to restrict access to their apps and websites in the country.
According to a press release from the regulator, the measures were taken under the Prevention of Money Laundering Act (PMLA). Indian authorities said the companies were providing services to users in the country without meeting the required obligations.
In addition to Weex, Blofin, Bitunix, DigiFinex and Toobit, the list includes Rezorex, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian.
India requires foreign crypto platforms to register
The requirements have applied to crypto companies since March 2023, when India brought virtual digital asset service providers under its anti-money laundering and counter-terrorist financing framework.
The rules apply to both Indian and foreign platforms serving users in the country. A company does not need to have a physical presence in India for the obligations to apply.
Crypto platforms must register with the FIU, maintain required records and submit reports prescribed by law. For the 15 companies that received notices, the agency is now seeking the removal of their apps and restrictions on access to their websites in India.
Similar requirements have previously affected some of the world's largest crypto exchanges. Bybit temporarily restricted services in India in January 2025 while completing its FIU registration and later restored full access to its app.
Coinbase also resumed onboarding Indian users after obtaining FIU registration. Binance returned to the local market in 2024 after paying a $2.25 million penalty.
India prepares first tokenized corporate bond
The tighter oversight of crypto platforms comes as India introduces blockchain technology into its regulated financial infrastructure. In September, the country plans to launch its first tokenized corporate bond.
The project will combine digital securities with the Reserve Bank of India's wholesale central bank digital currency. The structure is intended to create infrastructure for near-instant bond settlement.
At the same time, the FIU stressed that crypto products and NFTs remain unregulated in India. The agency warned users that transactions involving such assets may not provide regulatory recourse for losses.
Earlier, Indian authorities also uncovered a cryptocurrency fraud scheme worth approximately $20 million. The perpetrators used fake Coinbase websites to attract and defraud users.
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