Offshore crypto platforms with billions of dollars in assets are in the Indian government’s crosshairs, as the government’s financial watchdog moves against 25 exchanges for failing to register and comply with anti-money laundering obligations.
The Financial Intelligence Unit India (FIU-IND) issued notices to 25 crypto exchanges — including BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, CEX.IO, and Poloniex — for failing to comply with the country’s anti-money laundering rules, the Indian finance ministry said on Wednesday. The regulator also ordered the platforms to withdraw their apps and websites from public access in India. However, most remained accessible as of press time.
Of the 25 exchanges, 14 together hold more than $9 billion in assets and recorded about $20 billion in trading volume over the past 24 hours, according to data from CoinMarketCap.
“We are in the research process and will definitely ask and explain our position to the regulator regarding this notice,” said Mark Taylor, head of financial crime at CEX.IO, in a statement emailed to TechCrunch. “We are actively exploring pathways to ensure alignment with India’s regulatory requirements and any required registration with Indian authorities to ensure long-term accessibility for our users in the region.”
Taylor noted that no immediate changes have been implemented on the platform for its users in India.
“However, given the FIU order, we encourage customers to remain attentive to official communications from both regulators and CEX.IO regarding possible restrictions on access, local payment channels, or app availability. Should there be any impact to your account or services, we will communicate transparently and provide guidance on next steps,” the executive added.
The other affected crypto exchanges, including BingX, LBank, CoinW, and ProBit Global, did not respond to requests for comments.
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While India does not have a dedicated regulatory framework for cryptocurrencies, the Indian finance ministry in March 2023 notified that virtual asset service providers would fall under the Prevention of Money Laundering Act of 2002. This made it mandatory for crypto exchanges serving Indian users to register with the FIU-IND and comply with its reporting and compliance requirements.
The Indian finance ministry has stated that at least 50 crypto exchanges have so far registered with India’s anti-money laundering watchdog, which has previously taken action against major platforms such as Binance, Coinbase, KuCoin and OKX. OKX exited the Indian market last year, whereas Binance, Coinbase, and KuCoin registered with the FIU in recent months to resume operations.
Binance restarted its India operations in August 2024, while Coinbase re-entered India earlier this year. Recently, Coinbase also launched an early-access program for Indian users who had already signed up, though the exchange’s services are not yet fully operational in the country.
