India has initiated a new enforcement action against 15 virtual digital asset service providers.
On September 9, FIU-IND issued notices under Section 13 of the Prevention of Money Laundering Act and also issued takedown notices concerning applications and URLs used by the named providers.
The 15 named providers
- Weex
- Blofin
- Rezorex
- Bitunix
- DigiFinex
- Toobit
- XT.com
- Latoken
- WOO X
- Pionex
- ChangeNow
- SimpleSwap
- Fixedfloat
- WhiteBIT
- Guardarian
Why India says the platforms are non-compliant
India brought VDA service providers into the AML/CFT framework under the PMLA in March 2023.
Covered businesses are required to register with FIU-IND as Reporting Entities and comply with reporting, recordkeeping and other AML/CFT obligations.
The government says these requirements apply to both offshore and onshore businesses based on the services they provide in India.
Takedown is a market-access action
The FIU action is more than a warning letter.
The government says notices were also issued to take down relevant applications and URLs from public access where the businesses were found to be operating without complying with PMLA requirements.
What the action does not prove
The notices do not establish platform insolvency, theft of customer assets, a security breach, or criminal conviction.
User impact
Potential consequences include website restrictions, app removal, onboarding disruption, payment friction, withdrawal urgency and migration to compliant platforms.
Evidence Status
Confirmed / Official
- 15 providers named.
- PMLA Section 13 notices issued.
- App/URL takedown notices issued.
- Obligations apply to offshore and onshore providers serving India.
Developing
- Actual blocking timing.
- Platform responses.
- Registration/remediation.
- Further penalties.
Risk Assessment
High regulatory / market-access significance.
What to Watch Next
App-store removals, ISP blocking, platform notices, India geo-restrictions, FIU registrations, penalties and withdrawal support.
FAQ
How many VASPs were named?
15.
Is WOO X included?
Yes.
Is WhiteBIT included?
Yes.
Does the rule apply only to Indian companies?
No.
Were the platforms accused of a hack?
No.
What is the main user risk?
Loss of normal platform access in India.