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Financial
Intelligence Unit- India (FIU-IND) issues notices for non-compliance to 15 Virtual
Digital Assets Service providers (VDA SPs) under Section 13 of the Prevention of
Money Laundering Act (PML) Act, 2002
·
The
entities receiving notices are:
|
No. |
Trade
Name |
Entity
Name |
|
1 |
Weex |
Weex International Exchange
LTD |
|
2 |
Blofin |
BLF
Global Limited |
|
3 |
Rezorex |
RezorEx |
|
4 |
Bitunix |
Bitunix LLC |
|
5 |
DigiFinex |
DigiFinex Ltd |
|
6 |
Toobit |
Hopeful
Technology Co. Ltd. |
|
7 |
XT.com |
Fibtc Ltd / XT TECHNICAL PTE.
LTD. |
|
8 |
Latoken |
LAtrade Ltd |
|
9 |
WOO
X |
Wootech Limited |
|
10 |
Pionex |
Marketa
Trading Inc. |
|
11 |
ChangeNow |
CHN
Group LLC |
|
12 |
SimpleSwap |
SimpleSwap LTD |
|
13 |
Fixedfloat |
FFGX
Group LLC |
|
14 |
WhiteBIT |
UAB
Clear White Technologies |
|
15 |
Guardarian |
FinSeven CZ |
·
FIU-IND,
acting as the nodal
officer under Section 79(3)(b) of the Information Technology Act, 2000,
has also issued notices concerning these entities.
·
The
notices seek takedown of
their applications/URLs from public access where they have been
found to be operating illegally without complying with applicable PMLA
requirements in India.
·
The
action is being taken under the Information
Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment
Rules, 2025.
·
Virtual
Digital Asset Service Providers were brought under India's Anti-Money
Laundering/Counter-Financing of Terrorism (AML/CFT) framework in March 2023.
·
VDA
SPs operating in India—whether onshore
or offshore—must register with FIU-IND as Reporting Entities if they
undertake covered activities.
·
Covered
activities include:
o
Exchange
of virtual digital assets for fiat
currencies;
o
Transfer
of virtual digital assets;
o
Safekeeping
or administration of VDAs; and
o
Services
enabling control over
virtual digital assets.
·
Compliance
obligations include reporting,
record keeping and other requirements under the PMLA and its rules,
including registration with FIU-IND.
·
Importantly,
these obligations are activity-based
and do not depend on whether the VDA provider has a physical presence in India.
·
FIU-IND
has reiterated that crypto
products and NFTs remain unregulated and can involve significant risks.
·
Consumers
may have no regulatory
recourse for losses arising from such transactions.
Key takeaway:
The action signals a significant enforcement push against offshore crypto platforms serving the
Indian market without FIU-IND/PMLA compliance, with the
government combining AML
enforcement and website/app takedown powers to restrict access
to non-compliant VDA services.
[ABS News Service/09.09.2026]
As part of compliance action against non-compliant entities,
the Director, Financial Intelligence Unit-India (FIU-IND) has issued notices for
non-compliance to following fifteen (15) Virtual Digital Assets Service Providers
(VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002(PMLA)
as under:-
|
S. No |
Trade Name |
Entity Name |
|
1 |
Weex |
Weex International Exchange
LTD |
|
2 |
Blofin |
BLF Global Limited |
|
3 |
Rezorex |
RezorEx |
|
4 |
Bitunix |
Bitunix LLC |
|
5 |
DigiFinex |
DigiFinex Ltd |
|
6 |
Toobit |
Hopeful Technology Co.
Ltd. |
|
7 |
XT.com |
Fibtc Ltd/ XT TECHNICAL PTE.
LTD. |
|
8 |
Latoken |
LAtrade Ltd |
|
9 |
WOO X |
Wootech Limited |
|
10 |
Pionex |
Marketa Trading Inc. |
|
11 |
ChangeNow |
CHN Group LLC |
|
12 |
SimpleSwap |
SimpleSwap LTD |
|
13 |
Fixedfloat |
FFGX Group LLC |
|
14 |
WhiteBIT |
UAB Clear White
Technologies |
|
15 |
Guardarian |
FinSeven CZ |
Further, the Director, FIU-IND, being the nodal officer in
pursuance of 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, has also issued notices with respect to
the aforesaid entities to takedown the application/URLs for public access which
have been found to be operating illegally without complying with the relevant provisions
of the PMLA in India.
Virtual Digital Assets Service Providers (VDA SPs) were brought
into the ambit of Anti Money Laundering/Counter Financing of Terrorism (AML/CFT)
framework under the provisions of the Prevention of Money Laundering Act, 2002 in
March 2023.
The VDA SPs operating in India (whether offshore or onshore)
and engaged in activities like exchange between virtual digital assets and fiat
currencies, transfer of virtual digital assets, safekeeping or administration of
virtual digital assets or instruments enabling control over virtual digital assets
etc. are required to be registered with FIU-IND as Reporting Entity and comply with
the set of obligations as mandated under Prevention of Money Laundering Act, 2002(PMLA)
and Rules framed there under. These obligations are activity-based and are not contingent
on physical presence of the entity in India. The regulation casts reporting, record
keeping, and other obligations on the VDA SPs under the PML Act which also includes
registration with the FIU-IND.
It is pertinent to mention for the safety and awareness of
general public that the Crypto products and NFTs are unregulated and can be highly
risky. There may be no regulatory recourse for any loss from such transactions.