Archive · 2 Oct 2025
India Issues Notices to Crypto Firms for AML Compliance
India's financial watchdog is cracking down on cryptocurrency platforms.
The Financial Intelligence Unit (FIU) has sent notices to 25 offshore crypto businesses that are not following the rules for preventing money laundering.
These companies, like LBank and BingX, must register with FIU and follow the law.
The government is also ordering them to remove their apps and websites from use in India.
The government is trying to ensure all crypto platforms in India follow the law to prevent financial crimes.
Crypto products and NFTs are unregulated, so users should be aware of the risks.
FIU-IND issued notices to 25 offshore virtual digital asset providers.
Notices were issued for non-compliance with the Prevention of Money Laundering Act (PMLA).
Entities are instructed to remove their applications/websites from public access in India.
The government brought virtual digital asset providers under the scope of its anti-money laundering laws in 2023.
Crypto products and NFTs are highlighted as unregulated and risky.
- Who
- Financial Intelligence Unit-India (FIU-IND)
- What
- Issued notices to 25 offshore crypto firms for non-compliance
- When
- October 2, 2025 (publication date)
- Where
- India
- Why
- To enforce anti-money laundering regulations
- Issuing Agency
- Financial Intelligence Unit-India (FIU-IND)
- Legal Framework
- Prevention of Money Laundering Act (PMLA)
- Action
- Issued notices and demanded takedown of apps/websites
- Entities Affected
- 25 offshore virtual digital asset providers
- Purpose
- Non-compliance with AML norms
- Warning
- Crypto products and NFTs are unregulated and risky
Sources
FIU issues notices to 25 offshore crypto platforms for PMLA non-compliance
VDA service providers under financial intelligence’s scanner
FIU issues notices to 25 offshore crypto firms over PMLA non-compliance
