Overview

• FIU-IND served Section 13 notices to 25 offshore virtual digital asset service providers for failing to register and comply with India’s AML regime.
• The director invoked Section 79(3)(b) of the IT Act to direct takedown or blocking of the exchanges’ apps and URLs for Indian users.
• Named platforms include Huione, Paxful, CEX.IO, LBank, BingX, CoinEx, Poloniex, BitMex, BTCC, Changelly, PrimeXBT, ProBit Global, HitBTC, AscendEx, Phemex, Youhodler, LCX and others.
• Authorities said violators face enquiries, audits, record checks and monetary penalties reported up to ₹1 lakh per breach.
• Officials reiterated that crypto and NFTs are unregulated in India and warned investors that losses may carry no regulatory recourse, as about 50 providers have registered to date and cybersecurity audits by CERT-In–empanelled auditors have recently been required.